New York Life Investment Management LLC Has $14.83 Million Holdings in Crown Castle Inc. (NYSE:CCI)

New York Life Investment Management LLC grew its stake in shares of Crown Castle Inc. (NYSE:CCI) by 69.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,774 shares of the real estate investment trust’s stock after acquiring an additional 52,560 shares during the period. New York Life Investment Management LLC’s holdings in Crown Castle were worth $14,833,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Morgan Stanley raised its position in shares of Crown Castle by 8.9% in the third quarter. Morgan Stanley now owns 13,078,861 shares of the real estate investment trust’s stock valued at $1,203,648,000 after buying an additional 1,064,382 shares in the last quarter. FMR LLC raised its position in shares of Crown Castle by 14.3% in the third quarter. FMR LLC now owns 11,936,611 shares of the real estate investment trust’s stock valued at $1,098,526,000 after buying an additional 1,496,330 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Crown Castle by 21.9% in the third quarter. Wellington Management Group LLP now owns 10,134,538 shares of the real estate investment trust’s stock valued at $932,682,000 after buying an additional 1,818,910 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Crown Castle by 42.8% in the third quarter. The Manufacturers Life Insurance Company now owns 7,083,665 shares of the real estate investment trust’s stock valued at $651,910,000 after buying an additional 2,121,603 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Crown Castle by 2.9% in the third quarter. Legal & General Group Plc now owns 5,568,481 shares of the real estate investment trust’s stock valued at $512,467,000 after buying an additional 155,543 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Crown Castle Price Performance

CCI stock opened at $96.00 on Thursday. The firm has a market cap of $41.71 billion, a price-to-earnings ratio of 29.76, a PEG ratio of 2.50 and a beta of 0.76. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 3.73. Crown Castle Inc. has a 12-month low of $84.72 and a 12-month high of $120.37. The company’s fifty day simple moving average is $102.84 and its 200 day simple moving average is $105.34.

Crown Castle (NYSE:CCI) last announced its quarterly earnings data on Wednesday, April 17th. The real estate investment trust reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.63 by ($0.92). Crown Castle had a net margin of 20.32% and a return on equity of 21.30%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the company posted $1.91 EPS. Crown Castle’s revenue for the quarter was down 7.4% on a year-over-year basis. On average, analysts expect that Crown Castle Inc. will post 6.59 earnings per share for the current year.

Crown Castle Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $1.565 per share. This represents a $6.26 annualized dividend and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, March 14th. Crown Castle’s payout ratio is presently 195.63%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CCI. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Crown Castle from $110.00 to $109.00 and set a “hold” rating on the stock in a research note on Monday, April 22nd. Argus cut shares of Crown Castle from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Royal Bank of Canada lifted their price objective on shares of Crown Castle from $92.00 to $109.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 21st. BMO Capital Markets decreased their price objective on shares of Crown Castle from $110.00 to $105.00 and set a “market perform” rating on the stock in a research note on Thursday, April 18th. Finally, Wells Fargo & Company decreased their target price on shares of Crown Castle from $115.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Crown Castle has a consensus rating of “Hold” and a consensus target price of $113.29.

Crown Castle Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.