Cibc World Markets Corp Acquires 246,183 Shares of Crown Castle Inc. (NYSE:CCI)

Cibc World Markets Corp raised its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 141.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 419,998 shares of the real estate investment trust’s stock after acquiring an additional 246,183 shares during the period. Cibc World Markets Corp’s holdings in Crown Castle were worth $38,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its holdings in Crown Castle by 3.7% in the 3rd quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock worth $2,476,470,000 after purchasing an additional 747,390 shares during the period. Wellington Management Group LLP lifted its position in shares of Crown Castle by 23.8% during the 3rd quarter. Wellington Management Group LLP now owns 17,528,597 shares of the real estate investment trust’s stock valued at $2,079,417,000 after buying an additional 3,371,186 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Crown Castle by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 12,105,151 shares of the real estate investment trust’s stock valued at $1,434,229,000 after acquiring an additional 151,990 shares during the period. Fisher Asset Management LLC raised its stake in Crown Castle by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 5,218,431 shares of the real estate investment trust’s stock worth $473,625,000 after acquiring an additional 130,414 shares during the period. Finally, Barclays PLC raised its stake in Crown Castle by 7.2% during the 3rd quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust’s stock worth $613,900,000 after acquiring an additional 348,296 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CCI shares. Raymond James raised Crown Castle from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $128.00 to $122.00 in a report on Friday. Wells Fargo & Company lowered their price target on Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday, January 23rd. Citigroup increased their target price on shares of Crown Castle from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Friday. KeyCorp raised shares of Crown Castle from a “sector weight” rating to an “overweight” rating and set a $120.00 price target for the company in a research note on Friday. Finally, Jefferies Financial Group lowered Crown Castle from a “buy” rating to a “hold” rating and dropped their target price for the company from $127.00 to $84.00 in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $109.12.

Crown Castle Price Performance

NYSE CCI opened at $103.20 on Monday. 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’s 50 day moving average price is $91.00 and its 200-day moving average price is $101.32. Crown Castle Inc. has a 52-week low of $84.20 and a 52-week high of $120.92. The company has a market cap of $44.85 billion, a PE ratio of 36.59 and a beta of 0.89.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $1.565 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.26 annualized dividend and a yield of 6.07%. Crown Castle’s dividend payout ratio (DPR) is presently 221.99%.

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.