Crown Castle International Corporation (NYSE:CCI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The brokerage presently has a $120.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 17.83% from the company’s current price.

According to Zacks, “Crown Castle’s extensive tower portfolio, increased demand for infrastructure, healthy leasing activity, continual buyout of towers and growing demand for mobile broadband act as major positives. Buyout of Wilcon Holdings will enable Crown Castle attain ownership over 28,000 route miles of fiber. Moreover, Crown Castle acquired 9,700 wireless towers from AT&T and 7,200 from T-Mobile US. The deployment of 5G network should drive growth on the company’s tower and small cell assets as the wireless carriers look to expand and enhance their networks. Over the past three months, the stock price gained 2.7% as against the industry’s gain of 0.1%. However, the company continues to face headwinds like high customer concentration, and consolidated wireless industry, which is likely to affect the company's top line. Evolution of new technologies may reduce the demand for site leases and the expenses related, also raises concern.”

Several other equities analysts have also issued reports on the company. Bank of America Corporation upped their price target on Crown Castle International Corporation from $107.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, September 8th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $107.00 price target on shares of Crown Castle International Corporation in a research note on Tuesday, August 29th. Citigroup Inc. upped their price target on Crown Castle International Corporation from $96.00 to $108.00 and gave the company a “neutral” rating in a research note on Monday, August 28th. BidaskClub raised Crown Castle International Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 23rd. Finally, Macquarie reaffirmed a “buy” rating and set a $107.00 price target on shares of Crown Castle International Corporation in a research note on Wednesday, July 19th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $107.05.

Crown Castle International Corporation (NYSE:CCI) traded down 0.31% on Wednesday, reaching $101.84. The company had a trading volume of 2,093,242 shares. The company has a market capitalization of $41.37 billion, a price-to-earnings ratio of 81.28 and a beta of 0.18. The company’s 50 day moving average price is $104.44 and its 200-day moving average price is $99.02. Crown Castle International Corporation has a 12 month low of $79.38 and a 12 month high of $108.88.

Crown Castle International Corporation (NYSE:CCI) last issued its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. Crown Castle International Corporation had a return on equity of 6.21% and a net margin of 11.14%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts predict that Crown Castle International Corporation will post $1.16 earnings per share for the current fiscal year.

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In other Crown Castle International Corporation news, Director J Landis Martin purchased 30,000 shares of the stock in a transaction on Friday, July 28th. The stock was bought at an average cost of $100.64 per share, for a total transaction of $3,019,200.00. Following the completion of the acquisition, the director now directly owns 99,335 shares of the company’s stock, valued at $9,997,074.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Several institutional investors have recently made changes to their positions in CCI. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Crown Castle International Corporation in the first quarter worth about $22,133,000. State of Wisconsin Investment Board increased its holdings in shares of Crown Castle International Corporation by 16.8% in the first quarter. State of Wisconsin Investment Board now owns 357,643 shares of the real estate investment trust’s stock worth $33,779,000 after acquiring an additional 51,450 shares in the last quarter. Cowen Prime Services LLC increased its holdings in shares of Crown Castle International Corporation by 15.2% in the first quarter. Cowen Prime Services LLC now owns 39,215 shares of the real estate investment trust’s stock worth $3,704,000 after acquiring an additional 5,165 shares in the last quarter. Ffcm LLC increased its holdings in shares of Crown Castle International Corporation by 6.0% in the first quarter. Ffcm LLC now owns 43,505 shares of the real estate investment trust’s stock worth $4,109,000 after acquiring an additional 2,475 shares in the last quarter. Finally, Sprott Inc. increased its holdings in shares of Crown Castle International Corporation by 52.6% in the first quarter. Sprott Inc. now owns 13,130 shares of the real estate investment trust’s stock worth $1,240,000 after acquiring an additional 4,525 shares in the last quarter. Institutional investors own 82.90% of the company’s stock.

Crown Castle International Corporation Company Profile

Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).

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Analyst Recommendations for Crown Castle International Corporation (NYSE:CCI)

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