Crown Castle International Corp. (REIT) (NYSE:CCI) traded at a new 52-week high today of $202.46. This new high was reached on below average trading volume as 217,000 shares traded hands, while the average 30-day volume is approximately 1.6 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.
Over the past year, Crown Castle International Corp. (REIT) has traded in a range of $146.15 to $202.46 and is now at $200.91, 37% above that low.
Potential upside of 10.2% exists for Crown Castle International Corp. (REIT), based on a current level of $200.91 and analysts’ average consensus price target of $221.37.
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