Envestnet Asset Management Inc. Decreases Position in Crown Castle Inc. (NYSE:CCI)

Envestnet Asset Management Inc. decreased its holdings in Crown Castle Inc. (NYSE:CCI) by 10.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536,793 shares of the real estate investment trust’s stock after selling 179,843 shares during the period. Envestnet Asset Management Inc. owned about 0.35% of Crown Castle worth $139,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in Crown Castle during the 4th quarter worth about $609,000. Aviva PLC increased its stake in shares of Crown Castle by 3.1% during the fourth quarter. Aviva PLC now owns 552,427 shares of the real estate investment trust’s stock worth $50,138,000 after buying an additional 16,705 shares during the period. Resona Asset Management Co. Ltd. acquired a new stake in Crown Castle in the fourth quarter valued at approximately $6,437,000. Provident Investment Management Inc. lifted its stake in Crown Castle by 3.5% in the fourth quarter. Provident Investment Management Inc. now owns 6,515 shares of the real estate investment trust’s stock worth $591,000 after acquiring an additional 220 shares during the last quarter. Finally, Arete Wealth Advisors LLC grew its holdings in Crown Castle by 7.9% during the 4th quarter. Arete Wealth Advisors LLC now owns 5,264 shares of the real estate investment trust’s stock worth $477,000 after acquiring an additional 385 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Price Performance

Shares of CCI opened at $98.06 on Tuesday. 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 fifty-two week low of $84.20 and a fifty-two week high of $120.92. The firm has a 50-day simple moving average of $95.79 and a 200-day simple moving average of $99.86. The company has a market capitalization of $42.70 billion, a price-to-earnings ratio of 34.77 and a beta of 0.93.

Crown Castle Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders 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 6.38%. Crown Castle’s dividend payout ratio (DPR) is currently -69.71%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CCI shares. 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 report on Monday, March 17th. Wells Fargo & Company raised Crown Castle from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $85.00 to $105.00 in a report on Monday, March 17th. UBS Group upgraded Crown Castle from a “neutral” rating to a “buy” rating and set a $118.00 price objective on the stock in a report on Friday, March 14th. Scotiabank decreased their target price on Crown Castle from $102.00 to $99.00 and set a “sector perform” rating for the company in a research note on Friday, March 14th. Finally, Jefferies Financial Group lowered shares of Crown Castle from a “buy” rating to a “hold” rating and dropped their price target for the company from $127.00 to $84.00 in a research note on Thursday, January 2nd. Eleven research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Crown Castle currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.00.

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.