Crown Castle (NYSE:CCI) Shares Gap Down – What’s Next?

Crown Castle Inc. (NYSE:CCI)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $104.31, but opened at $101.52. Crown Castle shares last traded at $100.73, with a volume of 1,238,166 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CCI shares. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Crown Castle from $116.00 to $96.00 and set a “hold” rating on the stock in a report on Thursday, January 23rd. Argus upgraded Crown Castle to a “hold” rating in a research note on Friday. Bank of America initiated coverage on Crown Castle in a research report on Thursday, March 20th. They set a “neutral” rating and a $110.00 price objective for the company. JMP Securities began coverage on Crown Castle in a research report on Monday, January 27th. They issued an “outperform” rating and a $115.00 target price on the stock. Finally, Wells Fargo & Company upgraded Crown Castle from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $85.00 to $105.00 in a research note on Monday, March 17th. Eleven analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Crown Castle has an average rating of “Moderate Buy” and a consensus price target of $110.00.

Crown Castle Price Performance

The stock has a 50 day simple moving average of $93.15 and a 200-day simple moving average of $100.97. The firm has a market cap of $43.84 billion, a PE ratio of 35.70 and a beta of 0.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.43.

Crown Castle Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $1.565 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.26 dividend on an annualized basis and a yield of 6.22%. Crown Castle’s dividend payout ratio is presently -69.71%.

Institutional Investors Weigh In On Crown Castle

Institutional investors have recently added to or reduced their stakes in the stock. Accurate Wealth Management LLC boosted its position in shares of Crown Castle by 5.4% during the fourth quarter. Accurate Wealth Management LLC now owns 2,429 shares of the real estate investment trust’s stock worth $205,000 after acquiring an additional 124 shares during the last quarter. Exchange Traded Concepts LLC grew its position in shares of Crown Castle by 12.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,137 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 126 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Crown Castle by 5.9% in the fourth quarter. IFP Advisors Inc now owns 2,373 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 133 shares during the last quarter. Howard Capital Management Inc. lifted its position in shares of Crown Castle by 1.2% in the fourth quarter. Howard Capital Management Inc. now owns 11,475 shares of the real estate investment trust’s stock worth $1,041,000 after buying an additional 135 shares in the last quarter. Finally, Cidel Asset Management Inc. boosted its stake in Crown Castle by 6.4% during the fourth quarter. Cidel Asset Management Inc. now owns 2,285 shares of the real estate investment trust’s stock valued at $207,000 after buying an additional 137 shares during the last quarter. 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.