Covington Capital Management boosted its holdings in American Tower Corp (NYSE:AMT) by 8.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,890 shares of the real estate investment trust’s stock after acquiring an additional 220 shares during the period. Covington Capital Management’s holdings in American Tower were worth $457,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of AMT. Quantamental Technologies LLC purchased a new position in American Tower in the 4th quarter worth about $25,000. Lavaca Capital LLC purchased a new position in American Tower in the 4th quarter worth about $27,000. Acima Private Wealth LLC purchased a new position in American Tower in the 4th quarter worth about $27,000. WESPAC Advisors SoCal LLC purchased a new position in American Tower in the 4th quarter worth about $27,000. Finally, Citizens Financial Group Inc RI raised its position in American Tower by 62.0% in the 4th quarter. Citizens Financial Group Inc RI now owns 196 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 75 shares during the last quarter. 93.94% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Thomas A. Bartlett sold 51,203 shares of the business’s stock in a transaction that occurred on Friday, January 18th. The stock was sold at an average price of $165.00, for a total transaction of $8,448,495.00. Following the completion of the transaction, the chief financial officer now directly owns 165,433 shares in the company, valued at approximately $27,296,445. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP William H. Hess sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total value of $3,739,400.00. Following the transaction, the executive vice president now owns 92,231 shares of the company’s stock, valued at $17,244,430.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 89,253 shares of company stock valued at $15,216,065. 0.87% of the stock is currently owned by corporate insiders.
Shares of NYSE:AMT opened at $193.65 on Friday. The company has a market cap of $85.43 billion, a P/E ratio of 24.24, a P/E/G ratio of 1.63 and a beta of 0.67. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 3.12. American Tower Corp has a 12-month low of $133.53 and a 12-month high of $196.79.
American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, February 27th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.25 by ($1.63). The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.03 billion. American Tower had a net margin of 16.62% and a return on equity of 19.86%. The company’s revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.51 earnings per share. On average, sell-side analysts expect that American Tower Corp will post 7.53 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Thursday, April 11th will be paid a dividend of $0.90 per share. The ex-dividend date is Wednesday, April 10th. This is an increase from American Tower’s previous quarterly dividend of $0.84. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.86%. American Tower’s payout ratio is 42.05%.
Several equities research analysts have recently commented on the stock. Bank of America upped their price target on shares of American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Edward Jones lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, March 13th. Morgan Stanley upped their price target on shares of American Tower from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Monday, March 11th. Royal Bank of Canada upped their price target on shares of American Tower from $173.00 to $195.00 and gave the company an “outperform” rating in a research report on Wednesday, March 6th. Finally, Citigroup upped their price target on shares of American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a research report on Monday, March 4th. Eleven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $176.88.
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About American Tower
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 170,000 communications sites.
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