CROWN CASTLE INC. (NYSE:CCI) executive vice president and chief operating officer of Towers, Michael Joseph Kavanagh, has recently increased his stake in the company, according to the latest filings with the Securities and Exchange Commission. Over a span of three days, Kavanagh purchased a total of 27 shares of Crown Castle's common stock, with the transactions valued at approximately $4,657.
The share acquisitions occurred between September 6 and September 8, with prices ranging from $169.457 to $173.378 per share. These purchases were not directed by Kavanagh himself but were executed by a third-party manager for the benefit of Kavanagh's managed account, and he was not aware of the transactions at the time they were made.
According to a footnote in the filing, these purchases were matchable under Section 16(b) of the Securities Exchange Act of 1934 with a previous sale of Crown Castle stock by Kavanagh on April 29, 2022. As a result, Kavanagh has agreed to voluntarily disgorge $508.11, representing the full amount of the profits related to these transactions, back to Crown Castle Inc. The filing also noted that the shares were acquired in transactions exempt under Rule 16b-3(c).
Following the recent purchases, Kavanagh's total direct ownership in Crown Castle has reached 86,010 shares. Additionally, the filing disclosed an indirect ownership of 1,603 shares held in a 401(K).
Crown Castle, a real estate investment trust (REIT) specializing in communication infrastructure, is headquartered in Houston, Texas, and is incorporated in Delaware. The company, formerly known as Crown Castle International (NYSE:CCI) Corp., has a fiscal year ending on December 31.
InvestingPro Insights
As Crown Castle Inc. (NYSE:CCI) continues to navigate the dynamic landscape of communication infrastructure, recent market data and analyst insights provide a broader context for the company's performance and strategic positioning. According to InvestingPro data, Crown Castle boasts a market capitalization of $41.84 billion, underscoring its significant presence in the specialized REITs industry. A key metric that stands out is the company's Price / Book ratio for the last twelve months as of Q1 2024, which sits at 6.93. This indicates that the stock is trading at a premium compared to its book value, which can be a sign of investor confidence in the company's assets and future growth potential.
The company's P/E ratio, a measure of its current share price relative to its per-share earnings, is 29.93, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 27.42. While this suggests that investors are willing to pay a higher price for earnings, it is essential to note that 5 analysts have revised their earnings estimates downwards for the upcoming period. This could reflect concerns about future profitability or external market pressures.
InvestingPro Tips highlight Crown Castle's track record of raising its dividend for 10 consecutive years, which may appeal to income-focused investors. The company's dividend yield as of the latest data stands at 6.57%, offering an attractive return in the current investment climate. Additionally, despite facing some challenges, such as short term obligations exceeding liquid assets, Crown Castle remains profitable over the last twelve months, and analysts predict the company will maintain profitability this year.
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