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Should You Exit Crown Castle (CCI)?

Soumya Eswaran
·2 分鐘文章

ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, on a relative basis, the strategy underperformed as measured against the S&P Global Infrastructure Index. On an absolute basis, the strategy gained in seven of nine sectors in which it was invested in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Global Infrastructure Value Strategy highlighted stocks like Crown Castle Inc. (NYSE:CCI) in the Q4 2022 investor letter. Crown Castle Inc. (NYSE:CCI) owns and operates cell towers, fiber-supporting small cells, and fiber solutions. On March 2, 2023, Crown Castle Inc. (NYSE:CCI) stock closed at $129.31 per share. One-month return of Crown Castle Inc. (NYSE:CCI) was -11.41%, and its shares lost 27.80% of their value over the last 52 weeks. Crown Castle Inc. (NYSE:CCI) has a market capitalization of $56.048 billion.

ClearBridge Global Infrastructure Value Strategy made the following comment about Crown Castle Inc. (NYSE:CCI) in its Q4 2022 investor letter:

"Communications companies have also come under pressure from higher interest rates in 2022, which weigh on earnings in the form of higher costs. Needing to finance continued fiber rollouts in a higher interest rate environment, portfolio holding Crown Castle Inc. (NYSE:CCI) continued to feel some pressure. We exited our position during the quarter."

Mobile-Tower
Mobile-Tower

Crown Castle Inc. (NYSE:CCI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Crown Castle Inc. (NYSE:CCI) at the end of the fourth quarter which was 48 in the previous quarter.

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We discussed Crown Castle Inc. (NYSE:CCI) in another article and shared the list of Ken Fisher’s new purchases/additions. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.