Zacks Investment Research cut shares of Crown Castle International Corporation (NYSE:CCI) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Over the past one month, share price of Crown Castle declined 4.5% as against the industry's loss of 2.4%. Moreover, the company continues to face headwinds like high customer concentration, and consolidated wireless industry, which is likely to affect the company's top line. Evolution of new technologies may reduce the demand for site leases and the expenses related, also raises concern. On the flip side, Crown Castle’s extensive tower portfolio, increased demand for infrastructure, healthy leasing activity, continual buyout of towers and growing demand for mobile broadband act as major positives. Buyout of Wilcon Holdings will enable Crown Castle attain ownership over 28,000 route miles of fiber. The deployment of 5G network should drive growth on the company’s tower and small cell assets as the wireless carriers look to expand and enhance their networks.”
CCI has been the topic of several other reports. Macquarie reissued a buy rating and set a $107.00 price target on shares of Crown Castle International Corporation in a research report on Wednesday, July 19th. Citigroup Inc. upped their price target on Crown Castle International Corporation from $96.00 to $108.00 and gave the company a neutral rating in a research report on Monday, August 28th. Bank of America Corporation increased their target price on Crown Castle International Corporation from $107.00 to $114.00 and gave the stock a buy rating in a research report on Friday, September 8th. BidaskClub raised Crown Castle International Corporation from a hold rating to a buy rating in a research report on Monday, August 14th. Finally, Raymond James Financial, Inc. reaffirmed a market perform rating on shares of Crown Castle International Corporation in a research report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Crown Castle International Corporation has a consensus rating of Buy and an average price target of $107.50.
Crown Castle International Corporation (NYSE:CCI) last posted its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Crown Castle International Corporation had a return on equity of 6.21% and a net margin of 11.14%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 EPS.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Thursday, September 14th. Crown Castle International Corporation’s dividend payout ratio is presently 304.00%.
In related news, Director J Landis Martin bought 30,000 shares of the company’s stock in a transaction on Friday, July 28th. The shares were purchased at an average cost of $100.64 per share, with a total value of $3,019,200.00. Following the completion of the transaction, the director now directly owns 99,335 shares of the company’s stock, valued at $9,997,074.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CCI. BlackRock Inc. increased its position in Crown Castle International Corporation by 2,213.6% in the first quarter. BlackRock Inc. now owns 23,279,013 shares of the real estate investment trust’s stock worth $2,198,702,000 after buying an additional 22,272,827 shares during the period. Jennison Associates LLC grew its stake in shares of Crown Castle International Corporation by 762.8% in the second quarter. Jennison Associates LLC now owns 7,806,109 shares of the real estate investment trust’s stock worth $782,016,000 after purchasing an additional 6,901,353 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Crown Castle International Corporation by 2,414.4% in the second quarter. Janus Henderson Group PLC now owns 5,554,608 shares of the real estate investment trust’s stock worth $556,464,000 after purchasing an additional 5,333,700 shares in the last quarter. Capital World Investors grew its stake in shares of Crown Castle International Corporation by 12.6% in the second quarter. Capital World Investors now owns 23,132,825 shares of the real estate investment trust’s stock worth $2,317,446,000 after purchasing an additional 2,584,490 shares in the last quarter. Finally, PointState Capital LP bought a new position in shares of Crown Castle International Corporation in the second quarter worth $188,265,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.
About Crown Castle International Corporation
Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).
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