Covington Capital Management Purchases Shares of 271 CROWN CASTLE IN/SH SH (CCI)

Covington Capital Management purchased a new position in CROWN CASTLE IN/SH SH (NYSE:CCI) during the fourth quarter, Holdings Channel reports. The fund purchased 271 shares of the real estate investment trust’s stock, valued at approximately $29,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of CROWN CASTLE IN/SH SH by 7.6% in the 3rd quarter. Vanguard Group Inc. now owns 53,196,893 shares of the real estate investment trust’s stock worth $5,922,410,000 after purchasing an additional 3,771,236 shares in the last quarter. Vanguard Group Inc boosted its position in shares of CROWN CASTLE IN/SH SH by 7.6% in the 3rd quarter. Vanguard Group Inc now owns 53,196,893 shares of the real estate investment trust’s stock worth $5,922,410,000 after purchasing an additional 3,771,236 shares in the last quarter. BlackRock Inc. lifted its position in CROWN CASTLE IN/SH SH by 0.4% in the 4th quarter. BlackRock Inc. now owns 28,057,717 shares of the real estate investment trust’s stock valued at $3,047,911,000 after acquiring an additional 118,392 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in CROWN CASTLE IN/SH SH by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,123,320 shares of the real estate investment trust’s stock valued at $665,173,000 after acquiring an additional 139,365 shares in the last quarter. Finally, Northern Trust Corp lifted its position in CROWN CASTLE IN/SH SH by 2.9% in the 4th quarter. Northern Trust Corp now owns 5,496,865 shares of the real estate investment trust’s stock valued at $597,125,000 after acquiring an additional 155,891 shares in the last quarter. 93.17% of the stock is currently owned by hedge funds and other institutional investors.

CCI has been the topic of several analyst reports. TheStreet raised CROWN CASTLE IN/SH SH from a “c+” rating to a “b” rating in a research report on Wednesday, January 23rd. Bank of America upped their price objective on CROWN CASTLE IN/SH SH from $119.00 to $133.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Zacks Investment Research raised CROWN CASTLE IN/SH SH from a “sell” rating to a “hold” rating in a research report on Tuesday, January 15th. Deutsche Bank cut CROWN CASTLE IN/SH SH from a “buy” rating to a “hold” rating and set a $121.00 price objective on the stock. in a research report on Monday, March 18th. They noted that the move was a valuation call. Finally, Macquarie cut CROWN CASTLE IN/SH SH from an “outperform” rating to a “neutral” rating in a research report on Tuesday, February 12th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $120.58.

CCI stock opened at $125.28 on Tuesday. The company has a market capitalization of $52.15 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 1.45 and a beta of 0.41. CROWN CASTLE IN/SH SH has a 12-month low of $98.85 and a 12-month high of $127.68. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.38.

CROWN CASTLE IN/SH SH (NYSE:CCI) last released its quarterly earnings data on Wednesday, January 23rd. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.44. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. CROWN CASTLE IN/SH SH had a return on equity of 5.17% and a net margin of 11.86%. CROWN CASTLE IN/SH SH’s revenue for the quarter was up 14.6% compared to the same quarter last year. As a group, analysts forecast that CROWN CASTLE IN/SH SH will post 5.6 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a dividend of $1.125 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $4.50 dividend on an annualized basis and a yield of 3.59%. CROWN CASTLE IN/SH SH’s dividend payout ratio is presently 82.12%.

In other CROWN CASTLE IN/SH SH news, SVP Michael Joseph Kavanagh sold 2,500 shares of the business’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $120.06, for a total transaction of $300,150.00. Following the completion of the sale, the senior vice president now directly owns 38,471 shares in the company, valued at approximately $4,618,828.26. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Edward C. Hutcheson, Jr. bought 350 shares of the firm’s stock in a transaction on Friday, February 8th. The shares were bought at an average price of $117.95 per share, with a total value of $41,282.50. Following the completion of the purchase, the director now owns 59,187 shares in the company, valued at approximately $6,981,106.65. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

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About CROWN CASTLE IN/SH SH

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 65,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.

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Want to see what other hedge funds are holding CCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CROWN CASTLE IN/SH SH (NYSE:CCI).

Institutional Ownership by Quarter for CROWN CASTLE IN/SH SH (NYSE:CCI)

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