Crown Castle (NYSE:CCI) Price Target Cut to $91.00 by Analysts at Scotiabank

Crown Castle (NYSE:CCI) had its target price cut by investment analysts at Scotiabank from $94.00 to $91.00 in a report issued on Tuesday,MarketScreener reports. The firm presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s target price would suggest a potential upside of 7.20% from the company’s current price.

Several other research firms have also recently issued reports on CCI. Sanford C. Bernstein started coverage on Crown Castle in a research note on Thursday, March 5th. They issued an “outperform” rating and a $102.00 price target for the company. JPMorgan Chase & Co. reduced their price objective 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. Wolfe Research decreased their target price on shares of Crown Castle from $114.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday. BMO Capital Markets dropped their price target on shares of Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Finally, The Goldman Sachs Group reduced their price target on shares of Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research note on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.13.

Crown Castle Trading Down 1.9%

NYSE CCI opened at $84.89 on Tuesday. Crown Castle has a 52 week low of $75.96 and a 52 week high of $115.76. The stock has a market cap of $37.02 billion, a price-to-earnings ratio of 84.05, a price-to-earnings-growth ratio of 0.43 and a beta of 0.94. The company has a 50-day moving average price of $85.67 and a two-hundred day moving average price of $89.25.

Insider Buying and Selling at Crown Castle

In related news, VP Robert Sean Collins sold 3,000 shares of Crown Castle 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. The trade was a 34.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the sale, the executive vice president directly owned 25,183 shares in the company, valued at $2,174,300.22. This trade represents a 15.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Crown Castle

Institutional investors and hedge funds have recently bought and sold shares of the stock. Foresight Group Ltd Liability Partnership boosted its position in 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 worth $9,950,000 after acquiring an additional 21,194 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Crown Castle by 15.6% during the third 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 during the period. Country Club Bank grew its position in Crown Castle by 20.1% during the third quarter. Country Club Bank now owns 70,778 shares of the real estate investment trust’s stock valued at $6,808,000 after purchasing an additional 11,851 shares in the last quarter. Cooke & Bieler LP lifted its position in Crown Castle by 6.1% in the 3rd quarter. Cooke & Bieler LP now owns 2,419,034 shares of the real estate investment trust’s stock worth $233,413,000 after buying an additional 138,061 shares in the last quarter. Finally, National Pension Service lifted its position in Crown Castle by 3.5% in the 3rd quarter. National Pension Service now owns 656,795 shares of the real estate investment trust’s stock worth $63,374,000 after buying an additional 21,986 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.