Crown Castle Inc. $CCI Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Crown Castle Inc. (NYSE:CCI) in the 3rd quarter, HoldingsChannel reports. The fund acquired 121,507 shares of the real estate investment trust’s stock, valued at approximately $8,098,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Profund Advisors LLC lifted its stake in Crown Castle by 38.5% during the third quarter. Profund Advisors LLC now owns 7,911 shares of the real estate investment trust’s stock worth $527,000 after purchasing an additional 2,199 shares during the last quarter. Vise Technologies Inc. boosted its holdings in Crown Castle by 66.1% in the third quarter. Vise Technologies Inc. now owns 4,720 shares of the real estate investment trust’s stock valued at $315,000 after purchasing an additional 1,879 shares in the last quarter. Cidel Asset Management Inc. increased its stake in Crown Castle by 12.7% in the third quarter. Cidel Asset Management Inc. now owns 3,973 shares of the real estate investment trust’s stock valued at $265,000 after purchasing an additional 448 shares during the last quarter. Gilliland Jeter Wealth Management LLC increased its stake in Crown Castle by 5.1% in the third quarter. Gilliland Jeter Wealth Management LLC now owns 7,454 shares of the real estate investment trust’s stock valued at $497,000 after purchasing an additional 364 shares during the last quarter. Finally, Glenview Trust Co raised its holdings in Crown Castle by 13.1% during the third quarter. Glenview Trust Co now owns 4,416 shares of the real estate investment trust’s stock worth $294,000 after purchasing an additional 513 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Robert Collins sold 1,500 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $75.89, for a total transaction of $113,835.00. Following the completion of the sale, the vice president owned 5,113 shares in the company, valued at $388,025.57. This represents a 22.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by corporate insiders.

Crown Castle Trading Up 6.5%

Shares of NYSE CCI opened at $92.20 on Thursday. Crown Castle Inc. has a twelve month low of $65.32 and a twelve month high of $95.07. The stock has a 50 day moving average of $76.53 and a two-hundred day moving average of $82.26. The stock has a market cap of $39.23 billion, a P/E ratio of 48.53, a P/E/G ratio of 0.76 and a beta of 0.88.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Crown Castle from $88.00 to $82.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Citigroup reaffirmed a “market outperform” rating on shares of Crown Castle in a research report on Thursday, October 22nd. Truist Financial cut their price target on shares of Crown Castle from $95.00 to $87.00 and set a “hold” rating on the stock in a research note on Tuesday, July 28th. BMO Capital Markets reduced their price target on shares of Crown Castle to $93.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. Finally, Citizens Jmp decreased their price objective on shares of Crown Castle from $125.00 to $120.00 and set a “market outperform” rating for the company in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Crown Castle currently has an average rating of “Moderate Buy” and a consensus target price of $94.27.

Crown Castle Profile

Crown Castle Inc (NYSE: CCI) is a real estate investment trust that owns, operates and leases communications infrastructure in the United States. Its assets support wireless carriers, broadcasters, government agencies and other communications providers by enabling the transmission of voice, data and video services.

The company’s infrastructure has historically included approximately 40,000 cell towers, about 90,000 route miles of fiber and a large portfolio of small-cell installations.