Wellington Management Group LLP Grows Stake in Crown Castle Inc. $CCI

Wellington Management Group LLP grew its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,387,895 shares of the real estate investment trust’s stock after purchasing an additional 538,049 shares during the period. Wellington Management Group LLP owned approximately 4.91% of Crown Castle worth $2,229,260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. CWA Asset Management Group LLC lifted its position in Crown Castle by 9.0% during the first quarter. CWA Asset Management Group LLC now owns 2,663 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 219 shares during the period. Allspring Global Investments Holdings LLC grew its position in Crown Castle by 13.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 35,031 shares of the real estate investment trust’s stock worth $3,665,000 after purchasing an additional 4,276 shares during the period. Legacy Advisors LLC acquired a new stake in Crown Castle during the 1st quarter worth about $262,000. Everhart Financial Group Inc. acquired a new stake in Crown Castle during the 1st quarter worth about $307,000. Finally, QRG Capital Management Inc. grew its position in Crown Castle by 7.2% during the 1st quarter. QRG Capital Management Inc. now owns 43,780 shares of the real estate investment trust’s stock worth $4,563,000 after purchasing an additional 2,943 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Crown Castle from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Citigroup lifted their price objective on Crown Castle from $108.00 to $124.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Raymond James Financial reiterated a “strong-buy” rating and issued a $124.00 price objective (up from $122.00) on shares of Crown Castle in a report on Thursday, July 24th. Wall Street Zen upgraded Crown Castle from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Bank of America assumed coverage on Crown Castle in a report on Monday, May 19th. They issued a “buy” rating and a $115.00 price objective on the stock. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $116.24.

Crown Castle Price Performance

NYSE CCI opened at $101.61 on Monday. The company has a fifty day moving average of $103.56 and a two-hundred day moving average of $100.35. Crown Castle Inc. has a 1 year low of $84.20 and a 1 year high of $120.92. The company has a market capitalization of $44.25 billion, a PE ratio of -9.52, a P/E/G ratio of 0.77 and a beta of 0.89.

Crown Castle (NYSE:CCI) last released its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $1.02 EPS for the quarter, beating the consensus estimate of $1.00 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Crown Castle had a negative net margin of 85.54% and a negative return on equity of 619.62%. The company’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 earnings per share. On average, research analysts expect that Crown Castle Inc. will post 6.67 earnings per share for the current year.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $1.0625 dividend. The ex-dividend date is Monday, September 15th. This represents a $4.25 annualized dividend and a dividend yield of 4.2%. Crown Castle’s dividend payout ratio is currently -39.83%.

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.