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Higher Interest Rate Challenged Crown Castle (CCI) in Q4

Soumya Eswaran
·2 分鐘文章

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. Following three difficult quarters, the market, as defined by the S&P 500 Index, rebounded well in the fourth quarter, rising 7.6%. For the full year, the market returned -18.1%. The fund delivered positive returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Eagle Growth & Income Fund 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 7, 2023, Crown Castle Inc. (NYSE:CCI) stock closed at $126.52 per share. One-month return of Crown Castle Inc. (NYSE:CCI) was -11.78%, and its shares lost 27.27% of their value over the last 52 weeks. Crown Castle Inc. (NYSE:CCI) has a market capitalization of $54.839 billion.

Carillon Eagle Growth & Income Fund made the following comment about Crown Castle Inc. (NYSE:CCI) in its Q4 2022 investor letter:

"Crown Castle Inc. (NYSE:CCI) underperformed due to higher interest rates and a slightly less constructive outlook for 2023. The company is seeing some pressure from non-renewals as a result of a merger between two major telecommunications companies."

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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.

We discussed Crown Castle Inc. (NYSE:CCI) in another article and shared ClearBridge Global Infrastructure Value Strategy's views on the company. 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.