CCI - Crown Castle Presents A Buying Opportunity With A 6.18% Dividend Yield
2024-04-08 09:00:00 ET
Summary
- Crown Castle shares have declined by -51.72% since the end of 2021, presenting a potential buying opportunity.
- CCI owns and operates a large portfolio of telecom infrastructure, including towers, small cells, and fiber, with major tenants including T-Mobile, AT&T, and Verizon.
- The telecom tower sector has limited competition due to regulatory barriers, and CCI is well-positioned to benefit from the increasing demand for data capacity and connected devices.
There is a lot going on with Crown Castle (CCI), and the more I look into it, the more bullish I become. Shares have declined by -21.53% over a 5-year period, and since closing 2021 with a share price of $208.74, shares have declined by -51.72%. Within the last year shares of CCI fell to $84.72, rebounded to around $118, and are once again retesting the $100 level. CCI had become an activist target by Elliott Investment Management, and recently, Ted Miller, the co-founder of CCI and his investment vehicle, filed a complaint in Delaware State Court as they look to invalidate the agreement between CCI and Elliott Investment Management. Mr. Miller and his Co-investors have a $100 million position in CCI and delivered a strategic plan with a target share price of $150 - $160 based on their 2026 EBITDA projections. The fact that these two entities are so interested in CCI is compelling to me, but after doing a bunch of digging, I think CCI is a compelling investment without the activist angle. I want to see if shares can hold the $100 level, but I think there is a significant long-term opportunity in CCI, and I plan on starting a position before they deliver their Q1 2024 earnings on 4/17....
Crown Castle Presents A Buying Opportunity With A 6.18% Dividend Yield