Crown Castle Inc. $CCI Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its position in Crown Castle Inc. (NYSE:CCI) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 901,373 shares of the real estate investment trust’s stock after selling 41,113 shares during the quarter. Rhumbline Advisers owned approximately 0.21% of Crown Castle worth $86,973,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Winnow Wealth LLC acquired a new stake in shares of Crown Castle in the second quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Crown Castle in the 2nd quarter valued at $27,000. NewSquare Capital LLC raised its position in Crown Castle by 74.5% in the 2nd quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. LRI Investments LLC purchased a new stake in Crown Castle in the 3rd quarter valued at $29,000. Finally, Creative Financial Designs Inc. ADV boosted its stake in Crown Castle by 47.8% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Price Performance

CCI opened at $87.79 on Friday. The business has a 50 day simple moving average of $87.24 and a 200-day simple moving average of $93.21. The stock has a market capitalization of $38.23 billion, a P/E ratio of 86.92, a P/E/G ratio of 0.44 and a beta of 0.96. Crown Castle Inc. has a 12 month low of $77.01 and a 12 month high of $115.76.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CCI shares. HSBC reduced their target price on shares of Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a report on Thursday, February 5th. KeyCorp reduced their price objective on Crown Castle from $115.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. BMO Capital Markets lowered their target price on Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research note on Thursday, February 5th. The Goldman Sachs Group dropped their target price on Crown Castle from $105.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Finally, Barclays reaffirmed an “equal weight” rating and set a $101.00 price target (down from $104.00) on shares of Crown Castle in a report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.61.

Crown Castle 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.