Mirae Asset Global Investments Co. Ltd. Boosts Stock Holdings in Crown Castle Inc. $CCI

Mirae Asset Global Investments Co. Ltd. lifted its stake in Crown Castle Inc. (NYSE:CCI) by 15.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,963 shares of the real estate investment trust’s stock after purchasing an additional 9,552 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Crown Castle were worth $6,847,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CCI. Norges Bank purchased a new position in shares of Crown Castle in the 2nd quarter valued at about $629,431,000. Lazard Asset Management LLC raised its holdings in Crown Castle by 3,051.5% in the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after acquiring an additional 5,299,155 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Crown Castle by 33.9% in the second quarter. JPMorgan Chase & Co. now owns 3,657,030 shares of the real estate investment trust’s stock worth $375,697,000 after acquiring an additional 926,721 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Crown Castle by 15,241.9% in the second quarter. Canada Pension Plan Investment Board now owns 757,891 shares of the real estate investment trust’s stock worth $77,858,000 after acquiring an additional 752,951 shares during the last quarter. Finally, Natixis grew its holdings in Crown Castle by 142.1% during the 2nd quarter. Natixis now owns 1,141,442 shares of the real estate investment trust’s stock worth $117,260,000 after acquiring an additional 670,055 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CCI. Royal Bank Of Canada reduced their price objective on shares of Crown Castle from $112.00 to $110.00 and set an “outperform” rating on the stock in a report on Monday, January 12th. JPMorgan Chase & Co. cut their price target on Crown Castle from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. Raymond James Financial decreased their price target on Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating for the company in a report on Friday, January 23rd. Scotiabank dropped their price objective on Crown Castle from $114.00 to $96.00 and set a “sector perform” rating on the stock in a report on Wednesday, January 14th. Finally, The Goldman Sachs Group cut their target price on Crown Castle from $117.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Crown Castle currently has a consensus rating of “Moderate Buy” and an average price target of $106.75.

Crown Castle Stock Performance

Crown Castle stock opened at $86.82 on Friday. The company has a market capitalization of $37.81 billion, a P/E ratio of -8.17, a PEG ratio of 0.57 and a beta of 0.96. Crown Castle Inc. has a fifty-two week low of $83.21 and a fifty-two week high of $115.76. The stock has a 50-day simple moving average of $88.19 and a 200-day simple moving average of $94.62.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $1.0625 dividend. This represents a $4.25 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Crown Castle’s dividend payout ratio is presently -39.98%.

Crown Castle Company Profile

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.