Conning Inc. raised its holdings in shares of American Tower Corp (NYSE:AMT) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,652 shares of the real estate investment trust’s stock after buying an additional 60 shares during the period. Conning Inc.’s holdings in American Tower were worth $2,099,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in AMT. Webster Bank N. A. raised its stake in shares of American Tower by 4.9% during the first quarter. Webster Bank N. A. now owns 1,247 shares of the real estate investment trust’s stock valued at $246,000 after purchasing an additional 58 shares during the period. Cornerstone Advisors Inc. raised its stake in shares of American Tower by 4.7% during the fourth quarter. Cornerstone Advisors Inc. now owns 1,413 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 64 shares during the period. Legacy Financial Advisors Inc. raised its stake in shares of American Tower by 20.4% during the fourth quarter. Legacy Financial Advisors Inc. now owns 396 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 67 shares during the period. Waldron Private Wealth LLC raised its stake in shares of American Tower by 3.0% during the third quarter. Waldron Private Wealth LLC now owns 2,410 shares of the real estate investment trust’s stock valued at $350,000 after purchasing an additional 70 shares during the period. Finally, CAPROCK Group Inc. raised its stake in shares of American Tower by 2.6% during the fourth quarter. CAPROCK Group Inc. now owns 2,769 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 70 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. KeyCorp lifted their price objective on shares of American Tower from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, February 12th. Edward Jones lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Macquarie reiterated a “buy” rating and set a $210.00 price objective on shares of American Tower in a research note on Thursday, February 28th. Wells Fargo & Co lowered shares of American Tower from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $190.00 to $196.00 in a research note on Monday, April 15th. They noted that the move was a valuation call. Finally, CIBC reiterated a “market perform” rating on shares of American Tower in a research note on Thursday, February 28th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $177.25.
Shares of NYSE:AMT opened at $192.32 on Tuesday. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $85.10 billion, a P/E ratio of 24.07, a P/E/G ratio of 1.63 and a beta of 0.68. American Tower Corp has a 12-month low of $133.53 and a 12-month high of $198.19.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, February 27th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($1.63). The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.03 billion. American Tower had a return on equity of 19.86% and a net margin of 16.62%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 EPS. Equities research analysts predict that American Tower Corp will post 7.53 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Thursday, April 11th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Wednesday, April 10th. This is an increase from American Tower’s previous quarterly dividend of $0.84. American Tower’s payout ratio is currently 45.06%.
In other American Tower news, CEO James D. Taiclet, Jr. sold 11,863 shares of American Tower stock in a transaction on Monday, April 15th. The shares were sold at an average price of $195.88, for a total value of $2,323,724.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William H. Hess sold 20,000 shares of American Tower stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $186.97, for a total transaction of $3,739,400.00. Following the completion of the transaction, the executive vice president now directly owns 92,231 shares of the company’s stock, valued at approximately $17,244,430.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,769 shares of company stock valued at $20,884,766. 0.87% of the stock is currently owned by corporate insiders.
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American Tower Profile
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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