Crown Castle International Corp. (REIT) (NYSE:CCI) traded today at a new 52-week high of $206.49. Approximately 364,000 shares have changed hands today, as compared to an average 30-day volume of 1.5 million shares.
Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 80,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company’s fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle’s towers and fiber are predominantly located in the largest U.S. cities. The company has a very concentrated customer base, with more than 70% of its revenue coming from the big three U.S. mobile carriers. Crown Castle operates as a real estate investment trust.
In the past 52 weeks, shares of Crown Castle International Corp. (REIT) have traded between a low of $146.15 and a high of $206.49 and is now at $206.38, which is 41% above that low price.
Crown Castle International Corp. (REIT) (NYSE:CCI) is currently priced 21.4% above its average consensus analyst price target of $162.15.
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