Pictet Asset Management Holding SA Buys 14,641 Shares of Crown Castle Inc. $CCI

Pictet Asset Management Holding SA grew its stake in shares of Crown Castle Inc. (NYSE:CCI) by 1.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,336,958 shares of the real estate investment trust’s stock after buying an additional 14,641 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Crown Castle were worth $89,109,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Alps Advisors Inc. grew its position in Crown Castle by 3.0% during the third quarter. Alps Advisors Inc. now owns 29,437 shares of the real estate investment trust’s stock valued at $1,962,000 after acquiring an additional 865 shares during the period. Calamos Advisors LLC increased its stake in Crown Castle by 2.1% during the third quarter. Calamos Advisors LLC now owns 129,468 shares of the real estate investment trust’s stock worth $8,629,000 after acquiring an additional 2,619 shares during the last quarter. Alta Advisers Ltd purchased a new position in shares of Crown Castle in the 3rd quarter worth about $217,000. Chicago Partners Investment Group LLC raised its holdings in shares of Crown Castle by 35.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 15,641 shares of the real estate investment trust’s stock worth $1,345,000 after purchasing an additional 4,114 shares during the period. Finally, Rakuten Investment Management Inc. raised its holdings in shares of Crown Castle by 8.0% in the 3rd quarter. Rakuten Investment Management Inc. now owns 77,079 shares of the real estate investment trust’s stock worth $5,170,000 after purchasing an additional 5,714 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CCI has been the subject of a number of research reports. BMO Capital Markets decreased their target price on Crown Castle to $93.00 and set an “outperform” rating for the company in a report on Monday, October 19th. Jefferies Financial Group reduced their price target on shares of Crown Castle from $88.00 to $82.00 and set a “hold” rating on the stock in a research report on Wednesday, July 15th. Morgan Stanley set a $85.00 price objective on shares of Crown Castle in a research note on Monday, September 21st. Weiss Ratings upgraded shares of Crown Castle from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, October 26th. Finally, Truist Financial dropped their price objective on shares of Crown Castle from $95.00 to $87.00 and set a “hold” rating for the company in a research report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Crown Castle currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.27.

Crown Castle Price Performance

Shares of NYSE CCI opened at $87.90 on Tuesday. Crown Castle Inc. has a 1-year low of $65.32 and a 1-year high of $95.07. The company has a market capitalization of $37.40 billion, a price-to-earnings ratio of 20.44, a PEG ratio of 0.81 and a beta of 0.88. The business has a 50-day moving average of $77.35 and a 200-day moving average of $82.27.

Crown Castle (NYSE:CCI) last announced its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.69 by ($0.02). The company had revenue of $995.00 million for the quarter, compared to analysts’ expectations of $1.01 billion. Crown Castle had a net margin of 20.12% and a negative return on equity of 42.11%. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.12 earnings per share. Research analysts expect that Crown Castle Inc. will post 4.40 EPS for the current fiscal year.

Crown Castle Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $1.0625 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $4.25 annualized dividend and a yield of 4.8%. Crown Castle’s dividend payout ratio (DPR) is 223.68%.

About Crown Castle

Crown Castle Inc (NYSE: CCI) owns and operates wireless communications infrastructure in the United States. Its portfolio includes cell towers and small-cell networks that help wireless carriers expand coverage and capacity.

The company leases space on its infrastructure to wireless carriers and other customers, allowing multiple users to deploy communications equipment on shared sites. Crown Castle has also operated fiber infrastructure and related services, which support small-cell networks and other connectivity needs.

Founded in 1994, Crown Castle serves communities across the United States.