Wellington Management Group LLP Acquires 3,321,249 Shares of Crown Castle Inc. (NYSE:CCI)

Wellington Management Group LLP lifted its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 18.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,849,846 shares of the real estate investment trust’s stock after acquiring an additional 3,321,249 shares during the quarter. Wellington Management Group LLP owned approximately 4.79% of Crown Castle worth $1,892,332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Intech Investment Management LLC acquired a new position in shares of Crown Castle in the third quarter valued at $518,000. Townsquare Capital LLC grew its stake in Crown Castle by 25.9% in the 3rd quarter. Townsquare Capital LLC now owns 5,853 shares of the real estate investment trust’s stock valued at $694,000 after buying an additional 1,203 shares during the last quarter. Captrust Financial Advisors raised its holdings in Crown Castle by 21.5% in the 3rd quarter. Captrust Financial Advisors now owns 17,919 shares of the real estate investment trust’s stock valued at $2,126,000 after acquiring an additional 3,176 shares during the period. Fred Alger Management LLC lifted its position in Crown Castle by 2.8% during the third quarter. Fred Alger Management LLC now owns 41,329 shares of the real estate investment trust’s stock worth $4,903,000 after acquiring an additional 1,111 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Crown Castle by 86.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 560,000 shares of the real estate investment trust’s stock worth $66,433,000 after acquiring an additional 260,000 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CCI has been the topic of a number of recent research reports. Citigroup increased their target price on Crown Castle from $106.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday, March 14th. Wells Fargo & Company upgraded Crown Castle from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $85.00 to $105.00 in a research report on Monday, March 17th. Citizens Jmp raised shares of Crown Castle to a “strong-buy” rating in a research report on Monday, January 27th. JMP Securities assumed coverage on shares of Crown Castle in a research note on Monday, January 27th. They issued an “outperform” rating and a $115.00 price target on the stock. Finally, Barclays lifted their price objective on shares of Crown Castle from $104.00 to $113.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Eleven investment 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $110.00.

Crown Castle Price Performance

Crown Castle stock opened at $103.61 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. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $120.92. The stock has a market capitalization of $45.11 billion, a P/E ratio of 36.74 and a beta of 0.89. The stock has a fifty day moving average of $94.20 and a 200-day moving average of $100.51.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a yield of 6.04%. The ex-dividend date is Friday, March 14th. Crown Castle’s payout ratio is -69.71%.

Crown Castle 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.