TD Cowen Trims Crown Castle (NYSE:CCI) Target Price to $123.00

Crown Castle (NYSE:CCI) had its price objective trimmed by TD Cowen from $127.00 to $123.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft increased their price objective on Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. raised their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Barclays upped their price objective on shares of Crown Castle from $112.00 to $116.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Bank of America lifted their target price on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Finally, Royal Bank of Canada upped their price target on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $116.47.

Crown Castle Price Performance

CCI stock opened at $112.38 on Thursday. Crown Castle has a one year low of $84.72 and a one year high of $120.92. The firm has a 50-day moving average of $114.03 and a two-hundred day moving average of $105.12. The firm has a market capitalization of $48.83 billion, a PE ratio of 35.12 and a beta of 0.85. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 4.04.

Crown Castle (NYSE:CCI) last posted its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the business posted $1.77 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. On average, analysts forecast that Crown Castle will post 6.65 earnings per share for the current year.

Crown Castle Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $1.565 per share. This represents a $6.26 dividend on an annualized basis and a dividend yield of 5.57%. The ex-dividend date of this dividend was Friday, September 13th. Crown Castle’s dividend payout ratio is 195.63%.

Insider Activity at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the completion of the sale, the chief operating officer now owns 75,127 shares of the company’s stock, valued at $7,792,172.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of Crown Castle by 0.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 51,962 shares of the real estate investment trust’s stock worth $6,164,000 after purchasing an additional 426 shares during the last quarter. OLD National Bancorp IN increased its position in Crown Castle by 6.3% in the 3rd quarter. OLD National Bancorp IN now owns 96,842 shares of the real estate investment trust’s stock worth $11,488,000 after buying an additional 5,724 shares during the period. New Century Financial Group LLC lifted its holdings in shares of Crown Castle by 4.8% during the third quarter. New Century Financial Group LLC now owns 2,645 shares of the real estate investment trust’s stock worth $314,000 after buying an additional 122 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of Crown Castle by 83.5% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 384,805 shares of the real estate investment trust’s stock valued at $45,649,000 after acquiring an additional 175,086 shares during the period. Finally, Friedenthal Financial acquired a new stake in shares of Crown Castle in the third quarter worth $50,000. 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.