Truist Financial Initiates Coverage on Crown Castle (NYSE:CCI)

Equities research analysts at Truist Financial began coverage on shares of Crown Castle (NYSE:CCI) in a research note issued on Tuesday, Marketbeat reports. The brokerage set a “hold” rating and a $90.00 price target on the real estate investment trust’s stock. Truist Financial’s target price indicates a potential upside of 11.19% from the company’s previous close.

Several other equities research analysts also recently weighed in on CCI. BMO Capital Markets decreased their price target on Crown Castle from $97.00 to $91.00 and set an “outperform” rating for the company in a report on Thursday, February 5th. Weiss Ratings upgraded shares of Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research report on Tuesday, February 24th. Wolfe Research lowered Crown Castle from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Zacks Research upgraded Crown Castle from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Jefferies Financial Group cut their target price on Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $99.34.

Crown Castle Stock Performance

Shares of Crown Castle stock opened at $80.94 on Tuesday. The company has a market capitalization of $35.30 billion, a P/E ratio of 80.14, a PEG ratio of 0.41 and a beta of 0.94. Crown Castle has a 1 year low of $75.96 and a 1 year high of $115.76. The company’s fifty day moving average is $85.78 and its two-hundred day moving average is $89.51.

Insider Activity

In other news, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total transaction of $401,481.00. Following the sale, the executive vice president owned 25,183 shares of the company’s stock, valued at $2,174,300.22. The trade was a 15.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert Sean Collins sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $87.49, for a total value of $262,470.00. Following the completion of the sale, the vice president owned 5,800 shares in the company, valued at approximately $507,442. This represents a 34.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.10% of the company’s stock.

Hedge Funds Weigh In On Crown Castle

Hedge funds and other institutional investors have recently bought and sold shares of the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Crown Castle in the second quarter valued at $27,000. Wiser Advisor Group LLC purchased a new stake in shares of Crown Castle in the 3rd quarter worth about $29,000. LRI Investments LLC purchased a new stake in shares of Crown Castle in the 3rd quarter worth about $29,000. Triumph Capital Management acquired a new stake in Crown Castle in the 3rd quarter valued at about $31,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Crown Castle during the 3rd quarter valued at about $31,000. 90.77% of the stock is owned by institutional investors and hedge funds.

About Crown Castle

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.