CIBC Asset Management Inc Increases Position in Crown Castle Inc. (NYSE:CCI)

CIBC Asset Management Inc raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 8.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,047 shares of the real estate investment trust’s stock after buying an additional 4,737 shares during the period. CIBC Asset Management Inc’s holdings in Crown Castle were worth $7,598,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Catalyst Capital Advisors LLC purchased a new stake in shares of Crown Castle in the third quarter valued at approximately $25,000. EntryPoint Capital LLC purchased a new stake in shares of Crown Castle in the first quarter valued at approximately $27,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Crown Castle by 107.9% in the third quarter. Rosenberg Matthew Hamilton now owns 262 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 136 shares during the period. Asset Dedication LLC boosted its holdings in shares of Crown Castle by 159.0% in the second 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 period. Finally, Beacon Capital Management LLC boosted its holdings in shares of Crown Castle by 163.9% in the first 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 period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

NYSE:CCI opened at $103.80 on Monday. Crown Castle Inc. has a one year low of $92.48 and a one year high of $120.92. The company has a debt-to-equity ratio of 4.43, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $45.11 billion, a price-to-earnings ratio of 36.81 and a beta of 0.86. The firm’s fifty day moving average is $112.05 and its two-hundred day moving average is $106.61.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 EPS for the quarter, missing the consensus estimate of $1.73 by ($1.03). Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the previous year, the company posted $1.77 earnings per share. Crown Castle’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts expect that Crown Castle Inc. will post 6.66 EPS for the current year.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $1.565 dividend. This represents a $6.26 annualized dividend and a yield of 6.03%. The ex-dividend date of this dividend is Friday, December 13th. Crown Castle’s payout ratio is 221.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CCI shares. UBS Group boosted their price objective on shares of Crown Castle from $103.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Citigroup set a $128.00 price objective on shares of Crown Castle in a research note on Thursday, October 17th. The Goldman Sachs Group boosted their price objective on shares of Crown Castle from $105.00 to $120.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. boosted their price objective on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research note on Monday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $116.87.

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.