Crown Castle International (CCI) Bonds Trading 1.1% Higher

An issue of Crown Castle International Corp. (REIT) (NYSE:CCI) debt rose 1.1% against its face value during trading on Monday. The high-yield issue of debt has a 4.875% coupon and is set to mature on April 15, 2022. The debt is now trading at $106.06 and was trading at $104.68 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.

A number of research firms recently commented on CCI. Zacks Investment Research lowered shares of Crown Castle International from a “buy” rating to a “hold” rating in a research note on Wednesday, March 28th. Goldman Sachs downgraded shares of Crown Castle International from a “conviction-buy” rating to a “buy” rating in a research report on Tuesday, March 13th. Guggenheim reiterated a “buy” rating and issued a $115.00 target price on shares of Crown Castle International in a research report on Friday, January 26th. Finally, Deutsche Bank reiterated a “buy” rating and issued a $120.00 target price on shares of Crown Castle International in a research report on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $113.75.

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CCI stock traded down $0.81 during midday trading on Monday, reaching $108.80. The company had a trading volume of 2,733,826 shares, compared to its average volume of 2,967,812. Crown Castle International Corp. has a 1 year low of $93.14 and a 1 year high of $114.97. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.30. The company has a market cap of $44,601.10, a price-to-earnings ratio of 22.43, a PEG ratio of 1.34 and a beta of 0.29.

Crown Castle International (NYSE:CCI) last released its earnings results on Wednesday, January 24th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.84). The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Crown Castle International had a return on equity of 4.95% and a net margin of 10.21%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 EPS. research analysts anticipate that Crown Castle International Corp. will post 5.26 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were issued a dividend of $1.05 per share. The ex-dividend date was Thursday, March 15th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.86%. Crown Castle International’s dividend payout ratio is currently 86.60%.

In other news, SVP Kenneth Jay Simon sold 693 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $108.79, for a total transaction of $75,391.47. Following the transaction, the senior vice president now owns 14,869 shares in the company, valued at approximately $1,617,598.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jay A. Brown sold 18,000 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $108.43, for a total transaction of $1,951,740.00. Following the transaction, the insider now owns 162,526 shares in the company, valued at approximately $17,622,694.18. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Cibc Bank USA raised its holdings in shares of Crown Castle International by 6.2% during the 4th quarter. Cibc Bank USA now owns 8,155 shares of the real estate investment trust’s stock valued at $905,000 after purchasing an additional 478 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Crown Castle International by 9.6% during the 4th quarter. Scotia Capital Inc. now owns 5,706 shares of the real estate investment trust’s stock valued at $633,000 after purchasing an additional 500 shares in the last quarter. Solaris Asset Management LLC raised its holdings in shares of Crown Castle International by 25.9% during the 4th quarter. Solaris Asset Management LLC now owns 2,462 shares of the real estate investment trust’s stock valued at $273,000 after purchasing an additional 507 shares in the last quarter. Baird Financial Group Inc. raised its holdings in shares of Crown Castle International by 4.8% during the 4th quarter. Baird Financial Group Inc. now owns 11,036 shares of the real estate investment trust’s stock valued at $1,225,000 after purchasing an additional 507 shares in the last quarter. Finally, IBM Retirement Fund raised its holdings in Crown Castle International by 5.8% in the 4th quarter. IBM Retirement Fund now owns 10,031 shares of the real estate investment trust’s stock worth $1,222,000 after acquiring an additional 552 shares during the period. Institutional investors and hedge funds own 93.57% of the company’s stock.

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About Crown Castle International

Castle International Corp. (CCIC) is a real estate investment trust (REIT) company. The Company owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops (towers), and to a lesser extent, distributed antenna systems (DAS), a type of small cell network (small cells), and interests in land under third party towers in various forms (third party land interests).

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