Crown Castle (NYSE:CCI) PT Raised to $120.00

Crown Castle (NYSE:CCI) had its price target raised by The Goldman Sachs Group from $105.00 to $120.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 2.93% from the stock’s previous close.

A number of other brokerages also recently commented on CCI. Royal Bank of Canada upped their price objective on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. BMO Capital Markets boosted their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a research report on Thursday, July 18th. Raymond James reissued an “outperform” rating and issued a $126.00 price target (up from $124.00) on shares of Crown Castle in a report on Friday, June 14th. Finally, Bank of America upped their price objective on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle presently has an average rating of “Hold” and a consensus target price of $115.40.

Crown Castle Price Performance

Shares of CCI opened at $116.58 on Thursday. The company has a market capitalization of $50.66 billion, a price-to-earnings ratio of 36.43 and a beta of 0.85. Crown Castle has a fifty-two week low of $84.72 and a fifty-two week high of $120.92. The firm has a 50-day simple moving average of $112.78 and a 200-day simple moving average of $104.26. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period last year, the business posted $2.05 EPS. The company’s revenue was down 12.9% on a year-over-year basis. On average, equities research analysts anticipate that Crown Castle will post 6.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total value of $1,128,784.76. Following the sale, the chief operating officer now directly owns 75,127 shares in the company, valued at $7,792,172.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crown Castle

Institutional investors have recently modified their holdings of the company. Daiwa Securities Group Inc. grew its stake in Crown Castle by 4,097.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,524,226 shares of the real estate investment trust’s stock worth $246,617,000 after acquiring an additional 2,464,094 shares during the period. M&G Plc acquired a new stake in shares of Crown Castle during the first quarter worth $221,573,000. Balyasny Asset Management L.P. grew its position in shares of Crown Castle by 18,200.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,651,456 shares of the real estate investment trust’s stock valued at $190,231,000 after purchasing an additional 1,642,432 shares during the period. Bank of Montreal Can increased its stake in Crown Castle by 191.7% in the second quarter. Bank of Montreal Can now owns 2,032,521 shares of the real estate investment trust’s stock valued at $195,183,000 after purchasing an additional 1,335,644 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in Crown Castle by 95.8% during the second quarter. Cooke & Bieler LP now owns 2,578,932 shares of the real estate investment trust’s stock worth $251,962,000 after buying an additional 1,261,536 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Company Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.