M&G PLC Has $53.59 Million Stock Position in Crown Castle Inc. $CCI

M&G PLC lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 42.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 558,189 shares of the real estate investment trust’s stock after selling 415,229 shares during the quarter. M&G PLC’s holdings in Crown Castle were worth $53,586,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CCI. Foresight Group Ltd Liability Partnership boosted its stake in shares of Crown Castle by 25.8% during the 3rd quarter. Foresight Group Ltd Liability Partnership now owns 103,407 shares of the real estate investment trust’s stock worth $9,950,000 after acquiring an additional 21,194 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Crown Castle by 15.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,963 shares of the real estate investment trust’s stock worth $6,847,000 after buying an additional 9,552 shares during the last quarter. Country Club Bank boosted its holdings in shares of Crown Castle by 20.1% during the 3rd quarter. Country Club Bank now owns 70,778 shares of the real estate investment trust’s stock worth $6,808,000 after buying an additional 11,851 shares during the period. Cooke & Bieler LP grew its stake in Crown Castle by 6.1% in the 3rd quarter. Cooke & Bieler LP now owns 2,419,034 shares of the real estate investment trust’s stock valued at $233,413,000 after buying an additional 138,061 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new position in Crown Castle during the 3rd quarter worth $2,578,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on CCI shares. Citigroup dropped their price target on Crown Castle from $110.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. New Street Research downgraded shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a report on Monday, January 5th. KeyCorp lowered their price target on shares of Crown Castle from $115.00 to $98.00 and set an “overweight” rating on the stock in a report on Thursday, February 5th. Raymond James Financial decreased their target price on shares of Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Crown Castle from $110.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Crown Castle currently has an average rating of “Hold” and an average target price of $100.61.

Crown Castle Price Performance

Shares of CCI opened at $90.55 on Monday. The company has a market capitalization of $39.43 billion, a P/E ratio of 89.66, a PEG ratio of 0.46 and a beta of 0.96. Crown Castle Inc. has a one year low of $77.01 and a one year high of $115.76. The business’s 50 day simple moving average is $87.26 and its 200-day simple moving average is $92.87.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.