Truist Financial Initiates Coverage on Crown Castle (NYSE:CCI)

Equities researchers at Truist Financial initiated coverage on shares of Crown Castle (NYSE:CCI) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set a “hold” rating and a $90.00 price target on the real estate investment trust’s stock. Truist Financial’s target price would indicate a potential upside of 12.99% from the stock’s previous close.

Several other research firms have also issued reports on CCI. KeyCorp dropped their price objective on Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $85.00 price target (down from $90.00) on shares of Crown Castle in a report on Monday, March 23rd. UBS Group dropped their price target on Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. JPMorgan Chase & Co. decreased their price objective on shares of Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday, February 5th. Finally, Barclays lowered their target price on shares of Crown Castle from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 17th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.34.

Crown Castle Price Performance

CCI opened at $79.65 on Tuesday. The company has a fifty day moving average price of $86.02 and a 200-day moving average price of $89.67. The firm has a market capitalization of $34.73 billion, a P/E ratio of 78.86, a price-to-earnings-growth ratio of 0.40 and a beta of 0.96. Crown Castle has a one year low of $75.96 and a one year high of $115.76.

Insiders Place Their Bets

In other news, VP Robert Sean Collins sold 3,000 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $87.49, for a total value of $262,470.00. Following the completion of the sale, the vice president owned 5,800 shares of the company’s stock, valued at approximately $507,442. This represents a 34.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the transaction, the executive vice president directly owned 25,183 shares in the company, valued at approximately $2,174,300.22. This represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Crown Castle in the 2nd quarter valued at about $27,000. LRI Investments LLC bought a new position in Crown Castle during the 3rd quarter worth approximately $29,000. Wiser Advisor Group LLC purchased a new position in Crown Castle in the 3rd quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp bought a new stake in Crown Castle in the third quarter valued at approximately $31,000. Finally, Triumph Capital Management bought a new stake in Crown Castle in the third quarter valued at approximately $31,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Company Profile

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.