Spinnaker Trust Sells 1,945 Shares of Crown Castle Inc. (NYSE:CCI)

Spinnaker Trust cut its position in Crown Castle Inc. (NYSE:CCI) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,254 shares of the real estate investment trust’s stock after selling 1,945 shares during the period. Spinnaker Trust’s holdings in Crown Castle were worth $1,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Crown Castle by 29.4% in the fourth quarter. Nordea Investment Management AB now owns 1,243,722 shares of the real estate investment trust’s stock worth $113,465,000 after purchasing an additional 282,821 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Crown Castle by 24.7% in the third quarter. Van ECK Associates Corp now owns 157,895 shares of the real estate investment trust’s stock worth $17,476,000 after purchasing an additional 31,319 shares in the last quarter. Oak Thistle LLC purchased a new stake in shares of Crown Castle in the fourth quarter worth $1,231,000. Avanza Fonder AB purchased a new stake in shares of Crown Castle in the fourth quarter worth $3,083,000. Finally, Fisher Asset Management LLC increased its stake in shares of Crown Castle by 4.2% in the third quarter. Fisher Asset Management LLC now owns 5,088,017 shares of the real estate investment trust’s stock worth $603,592,000 after purchasing an additional 203,442 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CCI. Wells Fargo & Company dropped their target price on shares of Crown Castle from $100.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday, January 23rd. JMP Securities began coverage on shares of Crown Castle in a research report on Monday, January 27th. They set an “outperform” rating and a $115.00 target price for the company. Barclays upgraded shares of Crown Castle from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $117.00 to $104.00 in a research report on Monday, January 13th. Scotiabank dropped their target price on shares of Crown Castle from $118.00 to $102.00 and set a “sector perform” rating for the company in a research report on Thursday, January 23rd. Finally, Citizens Jmp upgraded shares of Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.75.

Crown Castle Price Performance

Crown Castle stock opened at $88.15 on Friday. The firm has a 50-day moving average price of $90.98 and a 200-day moving average price of $103.95. The firm has a market capitalization of $38.31 billion, a PE ratio of 31.26 and a beta of 0.88. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43. Crown Castle Inc. has a 12-month low of $84.20 and a 12-month high of $120.92.

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.