Magellan Asset Management Ltd Boosts Stock Position in Crown Castle Inc. $CCI

Magellan Asset Management Ltd grew its position in Crown Castle Inc. (NYSE:CCI) by 4.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,394,248 shares of the real estate investment trust’s stock after purchasing an additional 63,026 shares during the period. Crown Castle makes up 1.6% of Magellan Asset Management Ltd’s holdings, making the stock its 26th largest position. Magellan Asset Management Ltd’s holdings in Crown Castle were worth $134,531,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CCI. Creative Financial Designs Inc. ADV boosted its position in Crown Castle by 47.8% in the second quarter. Creative Financial Designs Inc. ADV now owns 303 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 98 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in Crown Castle by 24.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 599 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 116 shares during the period. NewSquare Capital LLC lifted its stake in Crown Castle by 74.5% during the 2nd quarter. NewSquare Capital LLC now owns 281 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 120 shares during the period. Golden State Equity Partners boosted its holdings in shares of Crown Castle by 2.8% in the 3rd quarter. Golden State Equity Partners now owns 4,567 shares of the real estate investment trust’s stock valued at $441,000 after acquiring an additional 123 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. increased its stake in shares of Crown Castle by 6.3% in the second quarter. Pinnacle Wealth Planning Services Inc. now owns 2,103 shares of the real estate investment trust’s stock worth $216,000 after acquiring an additional 125 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analysts Set New Price Targets

CCI has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Crown Castle from $110.00 to $95.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Raymond James Financial cut their price target on Crown Castle from $120.00 to $106.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. UBS Group decreased their price objective on Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, February 5th. Royal Bank Of Canada lowered their target price on Crown Castle from $112.00 to $110.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Finally, BMO Capital Markets dropped their target price on Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $100.02.

Crown Castle Price Performance

Shares of CCI stock opened at $88.69 on Wednesday. Crown Castle Inc. has a 1-year low of $77.01 and a 1-year high of $115.76. The company has a market cap of $38.62 billion, a price-to-earnings ratio of 87.81, a PEG ratio of 0.44 and a beta of 0.96. The stock has a 50 day simple moving average of $87.04 and a 200-day simple moving average of $92.03.

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.