Crown Castle (NYSE:CCI) Now Covered by Analysts at Truist Financial

Analysts at Truist Financial started coverage on shares of Crown Castle (NYSE:CCI) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $90.00 price target on the real estate investment trust’s stock. Truist Financial’s price target indicates a potential upside of 12.99% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Wall Street Zen upgraded Crown Castle from a “sell” rating to a “hold” rating in a research report on Saturday, March 14th. Zacks Research upgraded Crown Castle from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Scotiabank dropped their price target on Crown Castle from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 5th. UBS Group reduced their price objective on shares of Crown Castle from $116.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, February 5th. Finally, Wolfe Research lowered shares of Crown Castle from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Crown Castle presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.34.

Crown Castle Trading Up 1.3%

Shares of CCI opened at $79.65 on Tuesday. The firm’s fifty day simple moving average is $86.02 and its two-hundred day simple moving average is $89.67. Crown Castle has a 12 month low of $75.96 and a 12 month high of $115.76. The stock has a market capitalization of $34.73 billion, a P/E ratio of 78.86, a price-to-earnings-growth ratio of 0.40 and a beta of 0.96.

Insider Buying and Selling

In related news, VP Robert Sean Collins sold 3,000 shares of the stock in a transaction 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 transaction, the vice president directly owned 5,800 shares in the company, valued at $507,442. This trade represents a 34.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of Crown Castle stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the sale, the executive vice president directly owned 25,183 shares of the company’s stock, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CCI. Foresight Group Ltd Liability Partnership raised its stake in shares of Crown Castle by 25.8% during the 3rd quarter. Foresight Group Ltd Liability Partnership now owns 103,407 shares of the real estate investment trust’s stock valued at $9,950,000 after purchasing an additional 21,194 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Crown Castle by 15.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,963 shares of the real estate investment trust’s stock worth $6,847,000 after purchasing an additional 9,552 shares in the last quarter. Country Club Bank boosted its stake in Crown Castle by 20.1% in the 3rd quarter. Country Club Bank now owns 70,778 shares of the real estate investment trust’s stock worth $6,808,000 after purchasing an additional 11,851 shares during the period. Cooke & Bieler LP grew its holdings in Crown Castle by 6.1% during the 3rd quarter. Cooke & Bieler LP now owns 2,419,034 shares of the real estate investment trust’s stock valued at $233,413,000 after buying an additional 138,061 shares in the last quarter. Finally, National Pension Service increased its position in shares of Crown Castle by 3.5% during the third quarter. National Pension Service now owns 656,795 shares of the real estate investment trust’s stock valued at $63,374,000 after buying an additional 21,986 shares during the period. 90.77% of the stock is currently 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.