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1 year ago
Crown Castle gives in to Elliott's demands with fiber unit review, board changes
By: Investing | December 20, 2023
(Reuters) - Crown Castle (NYSE:CCI) on Wednesday announced a review of its fiber business and replaced two directors on its board as part of a deal with activist investor Elliott, which has sought to shake up the wireless tower operator for years of underperformance.
The company has also formed two committees under the deal β one for the Fiber unit review and another to search for its next CEO. Its former top boss Jay Brown resigned earlier this month, days after Elliott called for an executive change.
"Today's announcements mark a significant step forward toward a stronger and more valuable Crown Castle," Elliott Senior Portfolio Manager Jason Genrich said.
Genrich will get a seat on Crown Castle's board as part of the agreement, along with former T-Mobile executive Sunit Patel. They will replace Benjamin Moreland and Maria Pope.
After the changes, Crown Castle's board will consist of 12 members, of whom 11 are independent.
The fiber business posted a 4% rise in revenue in the last reported quarter, but the figure was down about 25% from the previous three months. The unit accounts for nearly a third of the company's total revenue.
Elliott has said the company should consider a possible sale of the business, improve corporate governance and optimize its incentive plan, among others.
The demands are the second time the activist investor is publicly pressuring Crown Castle after Elliott urged management to rethink its fiber infrastructure strategy and criticized the company's shareholder returns in 2020.
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1 year ago
Crown Castle (CCI) Stock Jumps on Investor Buzz
By: Schaeffer's Investment Research | November 27, 2023
β’ Elliott Investment Management has a $2 billion stake in Crown Castle
β’ Elliott Investment Management is pushing for significant changes to CCI
The shares of Crown Castle Inc (NYSE:CCI) are on the rise today, after Elliott Investment Management disclosed a $2 billion stake in the company and reportedly is pushing for significant changes. In a letter to the board, the hedge fund detailed its perspectives on the REIT's underperformance and called for new leadership.
At last check, CCI was up 4.6% at $108.36, further removing itself from its Oct. 23 nearly seven-year low of $84.72. Today's pop also has the stock breaking above recent pressure at its 150-day moving average. Since the start of the year, the equity is still down 20%.
Crown Castle stock's typically quiet options pits are teeming with activity in response. So far, 2,009 calls and 2,704 puts have been exchanged, volume that is 2.1 times the average intraday amount already. The December 100 put is the most popular, with new positions being sold to open there.
These options are attractively priced at the moment, too, per CCI's Schaeffer's Volatility Index (SVI) of 21%, which ranks in the low 4th percentile of its annual range. This means options traders are pricing in low volatility expectations.
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1 year ago
Activist investor Elliott pushes for changes at Crown Castle
By: Investing | November 27, 2023
(Reuters) - Activist investor Elliott Investment Management is seeking new executive and board changes at Crown Castle (NYSE:CCI) in a letter released on Monday, after disclosing a $2 billion stake in the real estate investment trust.
Shares of Crown Castle were up more than 5% premarket.
"Crown Castle suffers from a profound lack of oversight by the Board, which has contributed to its irresponsible stewardship and flawed financial policy," Elliott said in the letter.
"The company's strategy, led by CEO Jay Brown since 2016, has been a failure, as demonstrated by the breathtaking magnitude of its underperformance."
This is the second time the U.S. activist hedge fund has sought to pressure Crown Castle for change. Three years ago, it asked the company's management to rethink its fiber infrastructure strategy and criticized its returns.
Crown Castle did not immediately respond to a Reuters request for comment.
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1 year ago
Crown Castle (CCI) earnings missed by $0.19, revenue fell short of estimates
By: Investing | October 18, 2023
Crown Castle (NYSE: CCI) reported third quarter EPS of $0.61, $0.19 worse than the analyst estimate of $0.80. Revenue for the quarter came in at $1.67B versus the consensus estimate of $1.69B.
Guidance
Crown Castle sees FY 2023 EPS of $3.29-$3.47 versus the analyst consensus of $3.57.
Crown Castle's stock price closed at $90.93. It is down -15.24% in the last 3 months and down -30.64% in the last 12 months.
Crown Castle saw 0 positive EPS revisions and 8 negative EPS revisions in the last 90 days. See Crown Castle's stock priceβs past reactions to earnings here.
According to InvestingPro, Crown Castle's Financial Health score is "good performance".
Check out Crown Castle's recent earnings performance, and Crown Castle's financials here.
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1 year ago
C2C Wealth Management LLC Makes New Investment in Crown Castle Inc. (CCI)
By: MarketBeat | September 30, 2023
β’ C2C Wealth Management LLC bought a new position in Crown Castle Inc. (NYSE:CCI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,210 shares of the real estate investment trust's stock, valued at approximately $685,000...
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1 year ago
Great West Life Assurance Co. Can Purchases 30,954 Shares of Crown Castle Inc. (CCI)
By: MarketBeat | September 9, 2023
β’ Great West Life Assurance Co. Can boosted its stake in shares of Crown Castle Inc. (NYSE:CCI) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 619,501 shares of the real estate investment trust's stock after purchasing an additional 30,954 shares during the period. Great West Life Assurance Co. Can owned about 0.14% of Crown Castle worth $83,062,000 at the end of the most recent reporting period...
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1 year ago
Crown Castle Inc. Plans Quarterly Dividend of $1.57 (CCI)
By: MarketBeat | July 28, 2023
β’ Crown Castle Inc. (NYSE:CCI) declared a quarterly dividend on Friday, July 21st, RTT News reports. Investors of record on Friday, September 15th will be paid a dividend of 1.565 per share by the real estate investment trust on Friday, September 29th. This represents a $6.26 dividend on an annualized basis and a yield of 5.84%...
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1 year ago
Crown Castle organic growth moderating - BMO Capital
By: Investing.com | July 13, 2023
BMO Capital started shares of Crown Castle (NYSE:CCI) at Underperform with a $113 price target in a note Thursday.
BMO analysts said that while the company has a solid position in the U.S. market, its organic growth is moderating.
"CCI, a domestic pure play, has a strong position in the U.S. market and is taking a differentiated approach to growth versus its tower REIT peers via fiber/small cells," they explained.
"Small cells offer growth optionality, but at a far higher capital intensity and are still not a key carrier priority. With moderating organic growth, Sprint churn, and higher rates, we expect CCI's AFFO/share to decline in 2024/2025 and lag peers."
BMO expects CCI's AFFO/share to decline -1.7%/-1.3% in 2024/2025, while they see AFFO/share decline in 2024/2025, with dividend growth minimal through 2025.
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2 years ago
MRA Advisory Group Makes New Investment in Crown Castle Inc. (CCI)
By: MarketBeat | June 24, 2023
β’ MRA Advisory Group acquired a new position in shares of Crown Castle Inc. (NYSE:CCI) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,255 shares of the real estate investment trust's stock, valued at approximately $302,000...
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2 years ago
Crown Castle Inc. (CCI) is Campbell Capital Management Inc.'s 5th Largest Position
By: MarketBeat | June 16, 2023
β’ Campbell Capital Management Inc. boosted its holdings in Crown Castle Inc. (NYSE:CCI) by 29.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,521 shares of the real estate investment trust's stock after purchasing an additional 10,844 shares during the quarter. Crown Castle comprises 4.9% of Campbell Capital Management Inc.'s investment portfolio, making the stock its 5th largest holding. Campbell Capital Management Inc.'s holdings in Crown Castle were worth $6,360,000 as of its most recent SEC filing...
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2 years ago
Crown Castle Inc. (CCI) Shares Sold by Capital Square LLC
By: MarketBeat | May 19, 2023
β’ Capital Square LLC lessened its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 21.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 14,810 shares of the real estate investment trust's stock after selling 3,935 shares during the period. Crown Castle accounts for 1.8% of Capital Square LLC's portfolio, making the stock its 8th largest position. Capital Square LLC's holdings in Crown Castle were worth $2,009,000 as of its most recent SEC filing...
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2 years ago
Crown Castle Inc. (CCI) Shares Purchased by Glenview Trust Co
By: MarketBeat | May 7, 2023
β’ Glenview Trust Co grew its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 211.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,658 shares of the real estate investment trust's stock after purchasing an additional 5,200 shares during the period. Glenview Trust Co's holdings in Crown Castle were worth $1,039,000 at the end of the most recent reporting period...
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2 years ago
Providence Capital Advisors LLC Buys 4,223 Shares of Crown Castle Inc. (CCI)
By: MarketBeat | May 3, 2023
β’ Providence Capital Advisors LLC increased its stake in shares of Crown Castle Inc. (NYSE:CCI) by 25.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,610 shares of the real estate investment trust's stock after acquiring an additional 4,223 shares during the quarter. Providence Capital Advisors LLC's holdings in Crown Castle were worth $2,795,000 at the end of the most recent quarter...
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2 years ago
Adell Harriman & Carpenter Inc. Sells 5,849 Shares of Crown Castle Inc. (CCI)
By: MarketBeat | April 21, 2023
β’ Adell Harriman & Carpenter Inc. lessened its position in Crown Castle Inc. (NYSE:CCI) by 10.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,672 shares of the real estate investment trust's stock after selling 5,849 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in Crown Castle were worth $7,144,000 as of its most recent filing with the Securities & Exchange Commission...
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2 years ago
Crown Castle earnings beat by $0.02, revenue fell short of estimates
By: Investing.com | April 19, 2023
Crown Castle (NYSE: CCI) reported first quarter EPS of $1.91, $0.02 better than the analyst estimate of $1.89. Revenue for the quarter came in at $1.62B versus the consensus estimate of $1.76B.
Guidance
Crown Castle sees FY 2023 EPS of $3.67-$3.85 versus the analyst consensus of $3.78.
Crown Castle's stock price closed at $133.55. It is down -9.84% in the last 3 months and down -32.53% in the last 12 months.
Crown Castle saw 0 positive EPS revisions and 10 negative EPS revisions in the last 90 days. See Crown Castle's stock priceβs past reactions to earnings here.
According to InvestingPro, Crown Castle's Financial Health score is "weak performance".
Check out Crown Castle's recent earnings performance, and Crown Castle's financials here.
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2 years ago
Crown Castle Inc. (CCI) Position Increased by InTrack Investment Management Inc
By: MarketBeat | March 22, 2023
β’ InTrack Investment Management Inc raised its stake in Crown Castle Inc. (NYSE:CCI) by 52.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,656 shares of the real estate investment trust's stock after buying an additional 2,296 shares during the period. InTrack Investment Management Inc's holdings in Crown Castle were worth $903,000 as of its most recent filing with the SEC...
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2 years ago
Crown Castle Inc. (CCI) Shares Purchased by State of Alaska Department of Revenue
By: MarketBeat | March 19, 2023
β’ State of Alaska Department of Revenue increased its position in shares of Crown Castle Inc. (NYSE:CCI) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 279,676 shares of the real estate investment trust's stock after acquiring an additional 2,915 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Crown Castle worth $37,934,000 at the end of the most recent quarter...
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2 years ago
Crown Castle Inc. (CCI) Holdings Lifted by Ethic Inc.
By: MarketBeat | March 1, 2023
β’ Ethic Inc. grew its position in Crown Castle Inc. (NYSE:CCI) by 5.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,689 shares of the real estate investment trust's stock after purchasing an additional 1,703 shares during the period. Ethic Inc.'s holdings in Crown Castle were worth $4,436,000 as of its most recent SEC filing...
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2 years ago
Crown Castle Inc. (CCI) Stock Holdings Decreased by Lazard Asset Management LLC
By: MarketBeat | February 22, 2023
β’ Lazard Asset Management LLC reduced its position in Crown Castle Inc. (NYSE:CCI) by 5.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,427,451 shares of the real estate investment trust's stock after selling 149,944 shares during the period. Lazard Asset Management LLC owned about 0.56% of Crown Castle worth $350,887,000 as of its most recent SEC filing...
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2 years ago
Crown Castle (CCI) Earnings missed by $0.03, revenue topped estimates
By: Investing.com | January 25, 2023
Crown Castle (NYSE: CCI) reported fourth quarter EPS of $0.95, $0.03 worse than the analyst estimate of $0.98. Revenue for the quarter came in at $1.76B versus the consensus estimate of $1.75B.
Guidance
Crown Castle sees FY 2023 EPS of $3.67-$3.85 versus the analyst consensus of $3.78.
Crown Castle's stock price closed at $145.47. It is up 9.79% in the last 3 months and down -17.77% in the last 12 months.
Crown Castle saw 5 positive EPS revisions and 2 negative EPS revisions in the last 90 days. See Crown Castle's stock priceβs past reactions to earnings here.
According to InvestingPro, Crown Castle's Financial Health score is "good performance".
Check out Crown Castle's recent earnings performance, and Crown Castle's financials here.
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2 years ago
Weiss Asset Management LP Takes $1.62 Million Position in Crown Castle Inc. (CCI)
By: MarketBeat | January 13, 2023
β’ Weiss Asset Management LP bought a new position in Crown Castle Inc. (NYSE:CCI) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,200 shares of the real estate investment trust's stock, valued at approximately $1,619,000...
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2 years ago
Short Interest in Crown Castle Inc. (CCI) Decreases By 19.7%
By: MarketBeat | December 16, 2022
β’ Crown Castle Inc. (NYSE:CCI) was the recipient of a significant decline in short interest in November. As of November 30th, there was short interest totalling 3,960,000 shares, a decline of 19.7% from the November 15th total of 4,930,000 shares. Approximately 0.9% of the company's stock are sold short. Based on an average daily trading volume, of 2,370,000 shares, the days-to-cover ratio is currently 1.7 days...
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2 years ago
Crown Castle Inc. (CCI) Short Interest Down 11.0% in November
By: My MarketBeat | December 4, 2022
β’ Crown Castle Inc. (NYSE:CCI - Get Rating) saw a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 4,930,000 shares, a decline of 11.0% from the October 31st total of 5,540,000 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 2,260,000 shares, the days-to-cover ratio is currently 2.2 days...
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2 years ago
Short Interest in Crown Castle Inc. (CCI) Declines By 6.1%
By: MarketBeat | October 18, 2022
β’ Crown Castle Inc. (NYSE:CCI - Get Rating) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 4,940,000 shares, a decrease of 6.1% from the September 15th total of 5,260,000 shares. Currently, 1.2% of the company's stock are sold short. Based on an average daily trading volume, of 1,510,000 shares, the short-interest ratio is presently 3.3 days...
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2 years ago
Q3 2022 EPS Estimates for Crown Castle Inc. (CCI) Lowered by Analyst
By: MarketBeat | October 4, 2022
β’ Crown Castle Inc. (NYSE:CCI - Get Rating) - Equities researchers at KeyCorp cut their Q3 2022 earnings per share (EPS) estimates for shares of Crown Castle in a report issued on Sunday, October 2nd. KeyCorp analyst B. Nispel now expects that the real estate investment trust will earn $1.72 per share for the quarter, down from their prior forecast of $1.74. KeyCorp currently has a "Overweight" rating and a $177.00 price objective on the stock. The consensus estimate for Crown Castle's current full-year earnings is $7.04 per share. KeyCorp also issued estimates for Crown Castle's Q4 2022 earnings at $1.75 EPS, FY2022 earnings at $6.95 EPS, Q1 2023 earnings at $1.78 EPS, Q2 2023 earnings at $1.74 EPS, Q3 2023 earnings at $1.77 EPS, Q4 2023 earnings at $1.81 EPS and FY2023 earnings at $7.10 EPS...
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2 years ago
Crown Castle International (CCI) Short Interest Down 9.8% in July
By: MarketBeat | August 16, 2022
β’ Crown Castle International Corp. (NYSE:CCI - Get Rating) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 4,760,000 shares, a decline of 9.8% from the July 15th total of 5,280,000 shares. Currently, 1.1% of the company's shares are short sold. Based on an average daily volume of 1,630,000 shares, the days-to-cover ratio is currently 2.9 days...
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