Legacy Wealth Asset Management LLC Sells 6,530 Shares of Crown Castle Inc. $CCI

Legacy Wealth Asset Management LLC reduced its holdings in Crown Castle Inc. (NYSE:CCI) by 60.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,348 shares of the real estate investment trust’s stock after selling 6,530 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Crown Castle were worth $420,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Crown Castle by 0.7% in the second quarter. Vanguard Group Inc. now owns 69,290,381 shares of the real estate investment trust’s stock valued at $7,118,201,000 after acquiring an additional 449,776 shares during the last quarter. State Street Corp grew its stake in Crown Castle by 0.5% in the second quarter. State Street Corp now owns 21,461,578 shares of the real estate investment trust’s stock valued at $2,204,748,000 after purchasing an additional 110,050 shares in the last quarter. Norges Bank acquired a new position in shares of Crown Castle during the 2nd quarter worth approximately $629,431,000. Bank of America Corp DE increased its position in shares of Crown Castle by 2.2% during the 2nd quarter. Bank of America Corp DE now owns 5,534,066 shares of the real estate investment trust’s stock worth $568,515,000 after purchasing an additional 117,904 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Crown Castle by 3,051.5% during the 2nd quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock worth $562,221,000 after purchasing an additional 5,299,155 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Stock Performance

Shares of CCI stock opened at $86.38 on Tuesday. Crown Castle Inc. has a 52 week low of $84.20 and a 52 week high of $115.76. The company has a market capitalization of $37.61 billion, a price-to-earnings ratio of -8.13, a PEG ratio of 0.63 and a beta of 0.94. The company has a 50-day simple moving average of $91.70 and a 200 day simple moving average of $97.40.

Crown Castle (NYSE:CCI) last issued its quarterly earnings data on Wednesday, October 22nd. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.08. Crown Castle had a negative net margin of 95.37% and a negative return on equity of 619.62%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same period last year, the business posted $1.84 earnings per share. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Crown Castle has set its FY 2025 guidance at 4.230-4.350 EPS. Sell-side analysts forecast that Crown Castle Inc. will post 6.67 EPS for the current year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $1.0625 dividend. This represents a $4.25 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, December 15th. Crown Castle’s dividend payout ratio is currently -39.98%.

Analysts Set New Price Targets

Several research firms recently weighed in on CCI. Barclays reissued an “equal weight” rating and issued a $101.00 target price (down from $104.00) on shares of Crown Castle in a research note on Monday, December 1st. Wolfe Research raised shares of Crown Castle from a “peer perform” rating to an “outperform” rating and set a $114.00 price objective for the company in a research report on Monday, September 22nd. KeyCorp dropped their target price on shares of Crown Castle from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, September 17th. Raymond James Financial cut their target price on shares of Crown Castle from $124.00 to $120.00 and set a “strong-buy” rating for the company in a research note on Thursday, October 23rd. Finally, BMO Capital Markets lowered their price target on Crown Castle from $114.00 to $107.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 3rd. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.35.

Insiders Place Their Bets

In other news, EVP Daniel K. Schlanger sold 30,000 shares of Crown Castle stock in a transaction on Friday, October 24th. The stock was sold at an average price of $98.08, for a total transaction of $2,942,400.00. Following the completion of the sale, the executive vice president owned 65,571 shares of the company’s stock, valued at approximately $6,431,203.68. This trade represents a 31.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is owned by insiders.

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.