abrdn plc Acquires 129,574 Shares of Crown Castle Inc. (NYSE:CCI)

abrdn plc boosted its position in shares of Crown Castle Inc. (NYSE:CCI) by 12.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,191,514 shares of the real estate investment trust’s stock after purchasing an additional 129,574 shares during the quarter. abrdn plc owned about 0.27% of Crown Castle worth $140,313,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new stake in Crown Castle during the 1st quarter valued at about $27,000. Asset Dedication LLC grew its position in Crown Castle by 159.0% during the 2nd quarter. Asset Dedication LLC now owns 272 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 167 shares during the last quarter. Beacon Capital Management LLC grew its position in Crown Castle by 163.9% during the 1st quarter. Beacon Capital Management LLC now owns 285 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 177 shares during the last quarter. ORG Partners LLC purchased a new stake in Crown Castle during the 2nd quarter valued at about $34,000. Finally, New Millennium Group LLC purchased a new stake in Crown Castle during the 2nd quarter valued at about $34,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CCI shares. Wells Fargo & Company raised their price target on shares of Crown Castle from $100.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Jefferies Financial Group raised their price target on shares of Crown Castle from $123.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Citigroup set a $128.00 price target on shares of Crown Castle in a report on Thursday, October 17th. Bank of America raised their price target on shares of Crown Castle from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Finally, TD Cowen dropped their price target on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Twelve analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $116.80.

Crown Castle Price Performance

NYSE CCI opened at $109.05 on Tuesday. Crown Castle Inc. has a 12 month low of $88.61 and a 12 month high of $120.92. The stock has a market cap of $47.39 billion, a price-to-earnings ratio of 38.67 and a beta of 0.85. The company’s 50 day moving average is $114.04 and its two-hundred day moving average is $105.57. The company has a current ratio of 0.54, a quick ratio of 0.43 and a debt-to-equity ratio of 4.43.

Crown Castle (NYSE:CCI) last released its earnings results 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 20.98% and a net margin of 18.59%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the business posted $1.77 EPS. Crown Castle’s revenue was down .9% on a year-over-year basis. As a group, research analysts anticipate that Crown Castle Inc. 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 given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 5.74%. The ex-dividend date was Friday, September 13th. Crown Castle’s payout ratio is currently 221.99%.

About Crown Castle

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.