Shake-Up Alert: 40 Companies Facing Activist Pressure

13. Elliot Management at Crown Castle Inc. (NYSE:CCI)

Stock Return: 25.76%

S&P 500 Return: 28.17%

Investment date: 27/10/2023

Number of hedge funds holding stakes: 43

Crown Castle Inc. (NYSE:CCI) is a real estate company that manages and leases over 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every primary U.S. market. Activist investor Elliott Management has targeted Crown Castle Inc. (NYSE:CCI), which has been pushing for the ouster of executives and board members over underperformance in recent years.

The activist hedge fund with a $2 billion stake also wants Crown Castle Inc. (NYSE:CCI) to review its fiber strategy and consider a potential business sale. The stock rallied late last year after the hedge fund started exerting pressure. However, it is down by 4.3% for the year. Additionally, according to the Insider Monkey database, the number of hedge funds holding stakes in Crown Castle Inc. (NYSE:CCI) dropped to 43 from 45 as of the end of 2023.