In November, the level of short interest in Crown Castle Inc. significantly fell (NYSE: CCI). As of November 15, 4,930,000 shares totaling short interest, a decrease of 11.0% from 5,540,000 shares on October 31. Currently, 1.1% of the stock is being sold short. Based on an average daily trading volume of 2,260,000 shares, the days-to-cover ratio is 2.2 days.
Hedge funds and institutional investors have recently bought and sold shares in the company. Blume Capital Management Inc. raised its holdings in Crown Castle shares by more than $29,000 during the first quarter. Activist Wealth Management grew its stake in Crown Castle during the third quarter by 847.4%. Activist Wealth Management now owns 180 shares of the real estate investment trust stock, worth $26,000, after acquiring the extra 161 shares. Almanack Investment Partners LLC initiated a new position in Crown Castle shares during the third quarter, valued at around $28,000. Rational Advisors LLC boosted its stake in Crown Castle by 66.1% during the first quarter. Rational Advisors LLC now owns 211 shares of the real estate investment trust for $39,000 after purchasing an additional 84 shares over the previous week. And finally, Johnson Financial Group Inc. raised its ownership of Crown Castle by 210.8% during the second quarter. Johnson Financial Group Inc. now owns 230 shares of the real estate investment trust, valued at $39,000 after acquiring the extra 156 shares. Institutions now hold 90.77% of the shares.
In related news, director Matthew Thornton III bought 1,215 company stock on Friday, October 21. The total price paid for the shares was $150,392.70, or $123.78 per share. As a consequence of the buy, the director now owns 5,761 company shares worth $713,096.58. You can access the Securities and Exchange Commission filing where the acquisition was reported by clicking this link. Other Crown Castle news includes the acquisition of 1,215 shares of the company’s stock on Friday, October 21, by director Matthew Thornton III. The shares were purchased for a total market value of $150,392.70 at an average price of $123.78 per share. The director now directly owns 5,761 company shares with a market value of $713,096.58 following the completion of the acquisition. You can access the SEC legal filing where the acquisition was reported by clicking this link. Director Kevin A. Stephens also acquired 2,000 shares of company stock on Monday, October 24. The average price per share for the $247,000 worth of shares was $123.50. The director now owns 12,703 company shares worth $1,568,820.50 following the acquisition. The disclosure for this transaction can be read here. Insiders own 0.47% of the stock.
Several equity research experts have commented on the shares of CCI. On Friday, October 21, Cowen decreased their price objective for Crown Castle shares from $195.00 to $149.00 while maintaining their “outperform” rating. In a report released on Wednesday, October 26, The Royal Bank of Canada decreased its “outperform” rating and cut its price objective on Crown Castle’s shares from $202.00 to $150.00. StockNews.com first featured Crown Castle stock on Wednesday, October 12. They rated the stock as a “keep.” In a report on November 23, Raymond James increased Crown Castle’s price objective from $143.00 to $153.00 and upgraded the stock’s “market outperform” rating. In a research note published on Tuesday, October 18, Morgan Stanley maintained an “overweight” rating while dropping its price objective on shares of Crown Castle from $188.00 to $158,000. The stock has received buy ratings from eleven analysts, hold ratings from four, and sell ratings from one analyst. According to Bloomberg, the business now has a consensus rating of “Moderate Buy” with an average price target of $163.93.
The NYSE CCI fell $1.54 on Friday before increasing to $140.17. The company’s stock only moved 1,734,456 shares as opposed to its normal daily volume of 2,179,020. The 12-month high and low for Crown Castle were $209.87 and $121.71, respectively. The company’s debt-to-equity ratio is 2.69; its current ratio is 0, and its quick ratio is 0.46. On a 200-day simple moving average basis, the stock’s price is $160.71, and on a 50-day simple moving average basis, it is $135.75. The stock has a market value of $60.70 billion, a PE ratio of 37.68, and a beta value of 0.60.
Crown Castle (NYSE: CCI) published its most recent quarterly results report on Thursday, October 20. With $0.97 EPS for the quarter, the real estate investment trust beat analysts’ consensus estimates. Crown Castle did well with a net margin of 23.47% and a 20.28% return on equity. The company’s quarterly sales came in at $1.75 billion, exceeding experts’ predictions of $1.73 billion. For the same quarter a year prior, the company’s earnings per share were $1.77. Over the previous year, the company’s quarterly revenue climbed by 7.9%. According to research analysts, Crown Castle will report $7.03 in earnings per share for the current year.