Crown Castle Inc. $CCI Holdings Cut by M&G PLC

M&G PLC trimmed its stake in shares of Crown Castle Inc. (NYSE:CCI) by 42.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 558,189 shares of the real estate investment trust’s stock after selling 415,229 shares during the quarter. M&G PLC owned about 0.13% of Crown Castle worth $53,586,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp grew its position in Crown Castle by 4.9% in the 3rd quarter. Fifth Third Bancorp now owns 33,712 shares of the real estate investment trust’s stock worth $3,253,000 after purchasing an additional 1,577 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Crown Castle by 5.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 150,812 shares of the real estate investment trust’s stock worth $14,552,000 after buying an additional 7,876 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Crown Castle by 5.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 108,103 shares of the real estate investment trust’s stock valued at $10,431,000 after acquiring an additional 5,135 shares during the period. Aberdeen Group plc raised its stake in Crown Castle by 41.6% during the 3rd quarter. Aberdeen Group plc now owns 924,455 shares of the real estate investment trust’s stock valued at $88,923,000 after acquiring an additional 271,556 shares in the last quarter. Finally, BTC Capital Management Inc. acquired a new position in Crown Castle during the 3rd quarter worth $270,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Crown Castle Stock Performance

Shares of NYSE:CCI opened at $90.55 on Monday. The company has a market capitalization of $39.43 billion, a PE ratio of 89.66, a price-to-earnings-growth ratio of 0.46 and a beta of 0.96. The stock has a fifty day moving average of $87.26 and a 200-day moving average of $92.87. Crown Castle Inc. has a one year low of $77.01 and a one year high of $115.76.

Analyst Ratings Changes

A number of brokerages have recently commented on CCI. KeyCorp lowered their price target on Crown Castle from $115.00 to $98.00 and set an “overweight” rating on the stock in a report on Thursday, February 5th. Citigroup lowered their target price on shares of Crown Castle from $110.00 to $106.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. New Street Research cut shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective for the company. in a report on Monday, January 5th. JPMorgan Chase & Co. dropped their target price on Crown Castle from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, February 5th. Finally, Barclays reiterated an “equal weight” rating and set a $101.00 price target (down from $104.00) on shares of Crown Castle in a research report on Monday, December 1st. One investment 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $100.61.

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.