Crown Castle (NYSE:CCI) Sets New 52-Week Low – Here’s What Happened

Crown Castle Inc. (NYSE:CCI)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $76.40 and last traded at $76.1060, with a volume of 551328 shares changing hands. The stock had previously closed at $78.59.

Analyst Upgrades and Downgrades

CCI has been the subject of several recent research reports. New Street Research downgraded Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a report on Monday, January 5th. Royal Bank Of Canada reduced their target price on shares of Crown Castle from $112.00 to $110.00 and set an “outperform” rating for the company in a research note on Monday, January 12th. Sanford C. Bernstein started coverage on shares of Crown Castle in a research report on Thursday, March 5th. They issued an “outperform” rating and a $102.00 target price for the company. Scotiabank dropped their price target on shares of Crown Castle from $96.00 to $94.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 5th. Finally, Barclays cut their price target on shares of Crown Castle from $101.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 17th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $99.86.

Crown Castle Price Performance

The stock’s 50 day moving average price is $86.97 and its two-hundred day moving average price is $90.13. The firm has a market capitalization of $33.75 billion, a price-to-earnings ratio of 76.62, a PEG ratio of 0.41 and a beta of 0.96.

Crown Castle Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $1.0625 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $4.25 dividend on an annualized basis and a yield of 5.5%. Crown Castle’s payout ratio is currently 420.79%.

Insider Transactions at Crown Castle

In other news, VP Robert Sean Collins sold 3,000 shares of Crown Castle stock in a transaction dated 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 approximately $507,442. The trade was a 34.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of the business’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $86.34, for a total value of $401,481.00. Following the transaction, the executive vice president directly owned 25,183 shares of the company’s stock, valued at $2,174,300.22. This represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Crown Castle by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 69,769,393 shares of the real estate investment trust’s stock valued at $6,200,406,000 after acquiring an additional 386,733 shares during the period. Cohen & Steers Inc. increased its position in Crown Castle by 11.0% during the fourth quarter. Cohen & Steers Inc. now owns 39,790,292 shares of the real estate investment trust’s stock worth $3,536,214,000 after acquiring an additional 3,953,685 shares during the period. State Street Corp raised its stake in Crown Castle by 2.4% during the 4th quarter. State Street Corp now owns 22,239,559 shares of the real estate investment trust’s stock valued at $1,976,430,000 after purchasing an additional 511,018 shares during the last quarter. Wellington Management Group LLP raised its stake in Crown Castle by 2.8% during the 4th quarter. Wellington Management Group LLP now owns 13,986,852 shares of the real estate investment trust’s stock valued at $1,243,012,000 after purchasing an additional 380,419 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Crown Castle by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 13,027,749 shares of the real estate investment trust’s stock valued at $1,156,972,000 after purchasing an additional 184,533 shares during the period. 90.77% of the stock is owned by institutional investors.

Crown Castle Company 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.