Meadow Creek Investment Management LLC Boosts Holdings in CROWN CASTLE IN/SH SH (NYSE:CCI)
Meadow Creek Investment Management LLC grew its stake in shares of CROWN CASTLE IN/SH SH (NYSE:CCI) by 86.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,606 shares of the real estate investment trust’s stock after purchasing an additional 15,096 shares during the period. Meadow Creek Investment Management LLC’s holdings in CROWN CASTLE IN/SH SH were worth $4,250,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ropes Wealth Advisors LLC purchased a new position in shares of CROWN CASTLE IN/SH SH in the 2nd quarter valued at approximately $25,000. Kavar Capital Partners LLC bought a new position in CROWN CASTLE IN/SH SH in the second quarter worth $26,000. Manchester Capital Management LLC purchased a new position in CROWN CASTLE IN/SH SH during the second quarter valued at $26,000. Northern Oak Wealth Management Inc. purchased a new position in CROWN CASTLE IN/SH SH during the second quarter valued at $31,000. Finally, Hanson McClain Inc. boosted its holdings in shares of CROWN CASTLE IN/SH SH by 75.2% during the 2nd quarter. Hanson McClain Inc. now owns 247 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 106 shares in the last quarter. 91.62% of the stock is currently owned by hedge funds and other institutional investors.
In other CROWN CASTLE IN/SH SH news, Director J Landis Martin acquired 16,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $127.33 per share, with a total value of $2,075,479.00. Following the transaction, the director now owns 130,617 shares of the company’s stock, valued at approximately $16,631,462.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Sean Collins sold 1,000 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $143.34, for a total value of $143,340.00. Following the sale, the vice president now owns 616 shares in the company, valued at $88,297.44. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.
CROWN CASTLE IN/SH SH (NYSE:CCI) last released its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.85). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.42 billion. CROWN CASTLE IN/SH SH had a net margin of 14.62% and a return on equity of 7.00%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, equities research analysts anticipate that CROWN CASTLE IN/SH SH will post 5.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be given a dividend of $1.125 per share. This represents a $4.50 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Thursday, September 12th. CROWN CASTLE IN/SH SH’s dividend payout ratio (DPR) is currently 82.12%.
A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of CROWN CASTLE IN/SH SH from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $125.00 to $150.00 in a research report on Thursday, August 1st. New Street Research cut shares of CROWN CASTLE IN/SH SH from a “neutral” rating to a “sell” rating and set a $113.00 price target for the company. in a research report on Thursday, June 13th. Morgan Stanley boosted their price objective on shares of CROWN CASTLE IN/SH SH from $129.00 to $138.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. Bank of America restated a “buy” rating and issued a $151.00 price objective (up previously from $133.00) on shares of CROWN CASTLE IN/SH SH in a report on Wednesday, August 14th. Finally, Citigroup decreased their target price on shares of CROWN CASTLE IN/SH SH from $144.00 to $138.00 and set a “neutral” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. CROWN CASTLE IN/SH SH presently has an average rating of “Hold” and an average price target of $129.36.
CROWN CASTLE IN/SH SH Profile
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 70,000 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.
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