New York State Common Retirement Fund Cuts Stock Holdings in Crown Castle Inc. $CCI

New York State Common Retirement Fund lowered its stake in Crown Castle Inc. (NYSE:CCI) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,275 shares of the real estate investment trust’s stock after selling 9,000 shares during the period. New York State Common Retirement Fund’s holdings in Crown Castle were worth $26,658,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Empowered Funds LLC increased its stake in Crown Castle by 7.5% in the 1st quarter. Empowered Funds LLC now owns 16,444 shares of the real estate investment trust’s stock worth $1,714,000 after purchasing an additional 1,150 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in shares of Crown Castle by 435.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 394,281 shares of the real estate investment trust’s stock worth $40,504,000 after purchasing an additional 320,631 shares during the last quarter. ASR Vermogensbeheer N.V. increased its stake in shares of Crown Castle by 57.9% in the second quarter. ASR Vermogensbeheer N.V. now owns 11,533 shares of the real estate investment trust’s stock worth $1,185,000 after buying an additional 4,230 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Crown Castle by 4.7% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,411 shares of the real estate investment trust’s stock valued at $6,309,000 after buying an additional 2,778 shares during the last quarter. Finally, Hilltop National Bank purchased a new stake in Crown Castle during the 2nd quarter valued at $62,000. Institutional investors own 90.77% of the company’s stock.

Crown Castle Stock Down 0.1%

NYSE CCI opened at $86.82 on Friday. The firm has a market capitalization of $37.81 billion, a PE ratio of -8.17, a P/E/G ratio of 0.57 and a beta of 0.96. The stock’s 50 day moving average is $88.19 and its 200 day moving average is $94.62. Crown Castle Inc. has a twelve month low of $83.21 and a twelve month high of $115.76.

Crown Castle Announces Dividend

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

Analysts Set New Price Targets

CCI has been the topic of a number of analyst reports. KeyCorp decreased their price objective on shares of Crown Castle from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. UBS Group reduced their price target on Crown Castle from $127.00 to $116.00 and set a “buy” rating on the stock in a report on Tuesday, January 20th. BMO Capital Markets dropped their price objective on Crown Castle from $107.00 to $97.00 and set an “outperform” rating for the company in a report on Friday, January 9th. Citigroup cut their price objective on Crown Castle from $124.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group decreased their target price on Crown Castle from $117.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crown Castle currently has an average rating of “Moderate Buy” and an average price target of $106.75.

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.