Scotiabank Cuts Crown Castle (NYSE:CCI) Price Target to $91.00

Crown Castle (NYSE:CCI) had its price objective lowered by research analysts at Scotiabank from $94.00 to $91.00 in a research note issued on Tuesday,MarketScreener reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price target would suggest a potential upside of 7.20% from the stock’s previous close.

Several other research analysts have also commented on CCI. Citigroup dropped their price target on shares of Crown Castle from $110.00 to $106.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Truist Financial started coverage on Crown Castle in a report on Tuesday, March 31st. They set a “hold” rating and a $90.00 target price on the stock. Jefferies Financial Group reduced their price target on Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. KeyCorp decreased their price target 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. Finally, The Goldman Sachs Group lowered their price objective on Crown Castle from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.13.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $84.89 on Tuesday. The stock has a 50-day simple moving average of $85.67 and a 200-day simple moving average of $89.25. Crown Castle has a 52-week low of $75.96 and a 52-week high of $115.76. The firm has a market cap of $37.02 billion, a price-to-earnings ratio of 84.05, a P/E/G ratio of 0.43 and a beta of 0.94.

Insider Buying and Selling

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

Institutional Investors Weigh In On Crown Castle

Institutional investors have recently added to or reduced their stakes in the company. Purpose Unlimited Inc. bought a new stake in shares of Crown Castle during the fourth quarter valued at approximately $183,000. World Investment Advisors increased its holdings in Crown Castle by 257.7% in the 4th quarter. World Investment Advisors now owns 7,729 shares of the real estate investment trust’s stock valued at $687,000 after buying an additional 5,568 shares during the period. Hsbc Holdings PLC raised its stake in shares of Crown Castle by 11.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,585,857 shares of the real estate investment trust’s stock valued at $140,950,000 after buying an additional 164,986 shares in the last quarter. Bayban bought a new position in shares of Crown Castle during the 4th quarter worth about $44,000. Finally, SHP Wealth Management acquired a new stake in shares of Crown Castle during the 4th quarter valued at about $210,000. 90.77% of the stock is owned by institutional investors and hedge funds.

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.