TD Cowen Lowers Crown Castle (NYSE:CCI) Price Target to $123.00

Crown Castle (NYSE:CCI) had its target price reduced by analysts at TD Cowen from $127.00 to $123.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. TD Cowen’s price target indicates a potential upside of 9.38% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Barclays increased their price target on Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Bank of America increased their price target on Crown Castle from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. JPMorgan Chase & Co. increased their price target on Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. BMO Capital Markets increased their target price on Crown Castle from $105.00 to $108.00 and gave the stock a “market perform” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada increased their target price on Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $116.47.

Crown Castle Stock Performance

NYSE:CCI opened at $112.45 on Thursday. The company has a market capitalization of $48.87 billion, a PE ratio of 41.19 and a beta of 0.85. Crown Castle has a fifty-two week low of $84.72 and a fifty-two week high of $120.92. The company has a 50 day simple moving average of $114.03 and a two-hundred day simple moving average of $105.10. The company has a debt-to-equity ratio of 4.04, a quick ratio of 0.43 and a current ratio of 0.43.

Crown Castle (NYSE:CCI) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.03). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.64 billion. Crown Castle had a return on equity of 19.20% and a net margin of 17.98%. Crown Castle’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.77 earnings per share. Research analysts anticipate that Crown Castle will post 6.65 earnings per share for the current year.

Insider Buying and Selling at Crown Castle

In other Crown Castle news, COO Michael Joseph Kavanagh sold 10,883 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $103.72, for a total transaction of $1,128,784.76. Following the transaction, the chief operating officer now directly owns 75,127 shares in the company, valued at approximately $7,792,172.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.39% of the company’s stock.

Institutional Investors Weigh In On Crown Castle

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in shares of Crown Castle by 0.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 51,962 shares of the real estate investment trust’s stock valued at $6,164,000 after purchasing an additional 426 shares during the last quarter. OLD National Bancorp IN increased its position in shares of Crown Castle by 6.3% during the 3rd quarter. OLD National Bancorp IN now owns 96,842 shares of the real estate investment trust’s stock valued at $11,488,000 after purchasing an additional 5,724 shares during the last quarter. New Century Financial Group LLC increased its position in shares of Crown Castle by 4.8% during the 3rd quarter. New Century Financial Group LLC now owns 2,645 shares of the real estate investment trust’s stock valued at $314,000 after purchasing an additional 122 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its position in shares of Crown Castle by 83.5% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 384,805 shares of the real estate investment trust’s stock valued at $45,649,000 after purchasing an additional 175,086 shares during the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of Crown Castle during the 3rd quarter valued at $50,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Crown Castle Company 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.