Magnetar Financial LLC Purchases New Position in Crown Castle Inc. (NYSE:CCI)

Magnetar Financial LLC purchased a new stake in shares of Crown Castle Inc. (NYSE:CCI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 64,548 shares of the real estate investment trust’s stock, valued at approximately $5,858,000.

Several other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its position in Crown Castle by 3.7% during the third quarter. State Street Corp now owns 20,875,581 shares of the real estate investment trust’s stock valued at $2,476,470,000 after acquiring an additional 747,390 shares in the last quarter. Wellington Management Group LLP raised its position in Crown Castle by 23.8% during the third 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 acquiring an additional 3,371,186 shares in the last quarter. Geode Capital Management LLC raised its position in Crown Castle by 1.3% during the third 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 in the last quarter. Fisher Asset Management LLC raised its position in Crown Castle by 2.6% during the fourth quarter. Fisher Asset Management LLC now owns 5,218,431 shares of the real estate investment trust’s stock valued at $473,625,000 after acquiring an additional 130,414 shares in the last quarter. Finally, Barclays PLC raised its position in Crown Castle by 7.2% during the third quarter. Barclays PLC now owns 5,174,920 shares of the real estate investment trust’s stock valued at $613,900,000 after acquiring an additional 348,296 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wolfe Research raised Crown Castle from an “underperform” rating to a “peer perform” rating in a report on Monday. Scotiabank dropped their price objective on Crown Castle from $102.00 to $99.00 and set a “sector perform” rating on the stock in a report on Friday, March 14th. Moffett Nathanson dropped their price objective on Crown Castle from $127.00 to $105.00 in a report on Thursday, January 23rd. JPMorgan Chase & Co. dropped their price objective on Crown Castle from $121.00 to $115.00 and set a “neutral” rating on the stock in a report on Monday. Finally, JMP Securities assumed coverage on Crown Castle in a report on Monday, January 27th. They issued an “outperform” rating and a $115.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $110.29.

Crown Castle Stock Performance

NYSE CCI opened at $104.52 on Thursday. The stock’s fifty day moving average is $91.98 and its two-hundred day moving average is $101.23. The firm has a market capitalization of $45.43 billion, a P/E ratio of 37.07 and a beta of 0.89. 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.

Crown Castle Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a yield of 5.99%. The ex-dividend date of this dividend is Friday, March 14th. Crown Castle’s dividend payout ratio (DPR) is currently -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.