Cooke & Bieler LP has decreased its holdings in Crown Castle Inc. (NYSE: CCI) by 19.1% during the second quarter of 2023. According to the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now owns 2,280,973 shares of the real estate investment trust (REIT), down from 2,819,836 shares after selling 538,863 shares during this period. Crown Castle represents approximately 2.3% of Cooke & Bieler LP’s total investment portfolio, making it the firm’s seventh largest holding.
As of the most recent filing, Cooke & Bieler LP’s stake in Crown Castle is valued at approximately $234.32 million, accounting for 0.52% of the company’s total shares. Other institutional investors have also made movements in Crown Castle’s stock recently, with several new stakes acquired in the first quarter of 2023. For instance, Iron Horse Wealth Management LLC and Centerpoint Advisors LLC each bought stakes valued at $26,000, while Stone House Investment Management LLC and Rise Advisors LLC purchased stakes valued at $27,000 and $28,000, respectively.
Crown Castle’s stock experienced a slight decline of 1.1%, opening at $90.35 on Friday. The company’s stock has a 12-month low of $84.20 and a high of $115.76, with a market capitalization of $39.35 billion. The stock’s price-to-earnings (P/E) ratio stands at -8.50, while the price-to-earnings growth (P/E/G) ratio is 0.68. The 50-day moving average is $96.12, and the 200-day moving average is $100.50.
Dividend Announcement and Analyst Ratings
Crown Castle recently declared a quarterly dividend of $1.0625, which was paid to stockholders on September 30, 2023. Stockholders of record as of September 15, 2023 received this dividend, translating to an annualized dividend of $4.25 and a yield of 4.7%. The company’s current dividend payout ratio is approximately -39.98%.
Analysts have varied opinions on Crown Castle’s stock. Citigroup has reduced its price target from $124.00 to $110.00 while maintaining a “buy” rating. Similarly, Raymond James Financial has lowered its target from $124.00 to $120.00 with a “strong-buy” rating. BMO Capital Markets has also adjusted its target down from $120.00 to $114.00, assigning an “outperform” rating. Wolfe Research upgraded its rating from “peer perform” to “outperform” with a target price of $114.00. According to MarketBeat.com, the overall consensus rating for Crown Castle is a “Moderate Buy” with an average price target of $113.12.
Insider Trading Activity
In related news, Crown Castle’s Executive Vice President, Daniel K. Schlanger, sold 30,000 shares in a transaction on October 24, 2023. The shares were sold at an average price of $98.08, totaling approximately $2.94 million. Following the sale, Schlanger holds 65,571 shares valued at around $6.43 million, marking a 31.39% decrease in his position. This transaction was reported to the SEC and can be accessed via their website.
Crown Castle operates one of the largest portfolios of cell towers in the United States, owning and leasing over 40,000 towers and approximately 90,000 route miles of fiber that support small cell and fiber solutions across major U.S. markets. This extensive infrastructure is essential for delivering data, technology, and wireless services, connecting communities to vital information and resources.
