Agran Libbie cut its stake in American Tower Corp. (NYSE:AMT) by 1.2% during the second quarter, Holdings Channel reports. The firm owned 25,624 shares of the real estate investment trust’s stock after selling 309 shares during the period. Agran Libbie’s holdings in American Tower Corp. were worth $2,911,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Analysts LLC boosted its position in shares of American Tower Corp. by 158.1% in the second quarter. Capital Analysts LLC now owns 2,395 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 1,467 shares during the period. Financial Architects Inc boosted its position in shares of American Tower Corp. by 15.5% in the second quarter. Financial Architects Inc now owns 1,289 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 173 shares during the period. Park National Corp OH purchased a new position in shares of American Tower Corp. during the second quarter valued at about $201,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of American Tower Corp. during the first quarter valued at about $205,000. Finally, Boys Arnold & Co. Inc. purchased a new position in shares of American Tower Corp. during the second quarter valued at about $220,000. 94.23% of the stock is currently owned by institutional investors.
Shares of American Tower Corp. (NYSE:AMT) traded up 0.54% during midday trading on Wednesday, reaching $112.63. The company’s stock had a trading volume of 1,471,078 shares. American Tower Corp. has a 52 week low of $83.07 and a 52 week high of $118.26. The stock has a market capitalization of $47.92 billion, a price-to-earnings ratio of 69.91 and a beta of 0.57. The company has a 50 day moving average of $113.20 and a 200-day moving average of $109.38.
American Tower Corp. (NYSE:AMT) last posted its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. The business earned $1.44 billion during the quarter, compared to analyst estimates of $1.44 billion. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The business’s revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.26 EPS. Equities research analysts predict that American Tower Corp. will post $5.70 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be paid a $0.55 dividend. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.20 annualized dividend and a dividend yield of 1.95%. American Tower Corp.’s payout ratio is 131.68%.
Several research analysts recently issued reports on the company. Argus increased their price objective on American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 17th. Jefferies Group increased their price objective on American Tower Corp. from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. BTIG Research upped their target price on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. Citigroup Inc. upped their target price on American Tower Corp. from $108.00 to $121.00 and gave the stock a “buy” rating in a report on Thursday, June 16th. Finally, Zacks Investment Research upgraded American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 target price for the company in a report on Wednesday. One research analyst has rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $120.99.
In other news, EVP Edmund Disanto sold 20,000 shares of American Tower Corp. stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $113.50, for a total transaction of $2,270,000.00. Following the completion of the sale, the executive vice president now directly owns 154,962 shares of the company’s stock, valued at approximately $17,588,187. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of American Tower Corp. stock in a transaction on Monday, September 19th. The stock was sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the sale, the chairman now directly owns 226,517 shares of the company’s stock, valued at $24,645,049.60. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company insiders.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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