Magellan Asset Management Ltd Sells 61,062 Shares of Crown Castle Inc. (NYSE:CCI)

Magellan Asset Management Ltd trimmed its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 3.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,622,339 shares of the real estate investment trust’s stock after selling 61,062 shares during the period. Crown Castle makes up approximately 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 29th largest holding. Magellan Asset Management Ltd’s holdings in Crown Castle were worth $147,243,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Twin Tree Management LP purchased a new position in Crown Castle in the 4th quarter worth about $25,000. FNY Investment Advisers LLC raised its position in shares of Crown Castle by 300.0% during the fourth quarter. FNY Investment Advisers LLC now owns 400 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. Roxbury Financial LLC purchased a new stake in Crown Castle in the 4th quarter worth $37,000. Marshall Investment Management LLC bought a new position in Crown Castle during the fourth quarter valued at approximately $50,000. Finally, Bank of Jackson Hole Trust purchased a new position in shares of Crown Castle in the fourth quarter valued at $53,000. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on CCI shares. UBS Group upgraded Crown Castle from a “neutral” rating to a “buy” rating and set a $118.00 price target for the company in a research report on Friday, March 14th. Bank of America began coverage on shares of Crown Castle in a research report on Thursday, March 20th. They issued a “neutral” rating and a $110.00 price objective on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on Crown Castle from $116.00 to $96.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Argus raised shares of Crown Castle to a “hold” rating in a report on Friday, March 21st. Finally, Raymond James upgraded Crown Castle from an “outperform” rating to a “strong-buy” rating and decreased their target price for the company from $128.00 to $122.00 in a research report on Friday, March 14th. Eleven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Crown Castle currently has an average rating of “Moderate Buy” and a consensus price target of $110.00.

Crown Castle Price Performance

Shares of CCI opened at $103.82 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a twelve month low of $84.20 and a twelve month high of $120.92. The company has a 50 day moving average of $95.06 and a 200-day moving average of $100.33. The stock has a market capitalization of $45.21 billion, a P/E ratio of 36.82 and a beta of 0.89.

Crown Castle Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $1.565 dividend. The ex-dividend date was Friday, March 14th. This represents a $6.26 annualized dividend and a dividend yield of 6.03%. Crown Castle’s payout ratio is -69.71%.

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.