Crown Castle Inc. $CCI Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in Crown Castle Inc. (NYSE:CCI) by 30.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,551,420 shares of the real estate investment trust’s stock after selling 1,105,610 shares during the period. JPMorgan Chase & Co.’s holdings in Crown Castle were worth $246,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in CCI. Vanguard Group Inc. grew its holdings in Crown Castle by 0.7% in the 2nd 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 buying an additional 449,776 shares in the last quarter. State Street Corp boosted its position in shares of Crown Castle by 0.5% during the 2nd 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 acquiring an additional 110,050 shares during the last quarter. Norges Bank purchased a new stake in shares of Crown Castle in the second quarter valued at about $629,431,000. Bank of America Corp DE increased its position in Crown Castle by 2.2% during the second 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 Crown Castle by 3,051.5% during the second 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 during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Crown Castle Trading Down 1.2%

Shares of NYSE CCI opened at $86.36 on Friday. The stock has a market capitalization of $37.61 billion, a PE ratio of 85.50, a PEG ratio of 0.44 and a beta of 0.96. Crown Castle Inc. has a twelve month low of $77.01 and a twelve month high of $115.76. The stock has a fifty day simple moving average of $87.12 and a 200-day simple moving average of $92.58.

Wall Street Analysts Forecast Growth

CCI has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Crown Castle in a research note on Monday, December 29th. Jefferies Financial Group lowered their price objective on Crown Castle from $90.00 to $84.00 and set a “buy” rating for the company in a research report on Wednesday, February 4th. BMO Capital Markets cut their target price on Crown Castle from $97.00 to $91.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Barclays decreased their price target on Crown Castle from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group cut their price objective on Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $100.02.

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.