For Crown Castle International Corp CCI, shares short in this towers and antennas company have dropped sharply. The drop followed the announcement of an acquisition, and the share price has fallen in recent weeks as well.
Sharp Drop In Shorted Shares
Between the October 31 and November 15 settlement dates, the number of Crown Castle shares sold short dropped sharply. This move by short sellers followed the announcement at the beginning of last month that Crown Castle had entered into a definitive agreement to acquire FPL FiberNet Holdings and other assets of NextEra Energy Inc NEE.
The Houston-based wireless infrastructure company saw the number of its shares short tumble more than 56 percent to more than 4.18 million in the first two weeks of the month. That was 1.2 percent of the total float and easily the lowest level of short interest in the past year. At the most recently averaged daily volume, it would take about a day to cover all short positions.
Previous Period's Figures
In the previous settlement period, Crown Castle posted disappointing quarterly earnings but also hiked its dividend. The share price ended the latest two-week short interest period more than 9 percent lower, while the S&P 500 was up more than 2 percent. In the past week, shares are down about 1 percent, as well as more than 2 percent lower year-to-date. Analysts on average still recommend buying shares.
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