Shares of Crown Castle International Corp. (REIT) (NYSE:CCI) traded today at $203.00, eclipsing its 52-week high. Approximately 191,000 shares have changed hands today, as compared to an average 30-day volume of 1.6 million shares.
Crown Castle International Corp. (REIT) has overhead space with shares priced $202.73, or 8.4% below the average consensus analyst price target of $221.37.
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 $203.00 and is now at $202.73, which is 39% above that low price.
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