Boston Private Wealth LLC decreased its position in American Tower Corp. (NYSE:AMT) by 7.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,478 shares of the real estate investment trust’s stock after selling 4,344 shares during the period. Boston Private Wealth LLC’s holdings in American Tower Corp. were worth $6,416,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in AMT. Wellington Management Group LLP raised its position in shares of American Tower Corp. by 24.8% in the first quarter. Wellington Management Group LLP now owns 15,233,890 shares of the real estate investment trust’s stock worth $1,559,493,000 after buying an additional 3,026,114 shares during the period. Geode Capital Management LLC raised its stake in shares of American Tower Corp. by 1.7% in the first quarter. Geode Capital Management LLC now owns 3,296,281 shares of the real estate investment trust’s stock valued at $336,727,000 after buying an additional 56,368 shares during the period. Loomis Sayles & Co. L P purchased a new stake in shares of American Tower Corp. during the first quarter valued at $905,000. Sentry Investments Corp. raised its stake in shares of American Tower Corp. by 5.0% in the first quarter. Sentry Investments Corp. now owns 261,314 shares of the real estate investment trust’s stock valued at $26,751,000 after buying an additional 12,400 shares during the period. Finally, Barr E S & Co. raised its stake in shares of American Tower Corp. by 12.7% in the first quarter. Barr E S & Co. now owns 24,309 shares of the real estate investment trust’s stock valued at $2,489,000 after buying an additional 2,730 shares during the period. Institutional investors own 94.15% of the company’s stock.
American Tower Corp. (NYSE:AMT) traded up 0.7502% during mid-day trading on Wednesday, hitting $115.0063. The stock had a trading volume of 451,983 shares. The company has a market capitalization of $48.93 billion, a P/E ratio of 71.3881 and a beta of 0.62. American Tower Corp. has a 52 week low of $83.07 and a 52 week high of $118.26. The stock’s 50-day moving average is $111.70 and its 200 day moving average is $110.46.
American Tower Corp. (NYSE:AMT) last issued its quarterly earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the business earned $1.26 EPS. The company’s revenue for the quarter was up 22.8% on a year-over-year basis. Equities analysts forecast that American Tower Corp. will post $5.70 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 17th. Stockholders of record on Friday, September 30th were paid a dividend of $0.55 per share. The ex-dividend date was Wednesday, September 28th. This represents a $2.20 annualized dividend and a dividend yield of 1.93%. This is a positive change from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio (DPR) is presently 136.65%.
Several analysts have recently weighed in on AMT shares. SunTrust Banks Inc. started coverage on American Tower Corp. in a report on Monday, September 12th. They issued a “buy” rating and a $128.00 price objective for the company. Jefferies Group restated a “buy” rating on shares of American Tower Corp. in a report on Saturday, August 6th. Zacks Investment Research upgraded American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 price objective for the company in a report on Wednesday, September 28th. Citigroup Inc. upped their price objective on American Tower Corp. from $121.00 to $134.00 and gave the company a “buy” rating in a report on Monday, July 11th. Finally, BTIG Research upped their price objective on American Tower Corp. to $140.00 in a report on Tuesday, July 19th. They noted that the move was a valuation call. One research analyst has rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $120.84.
In related news, Director Carolyn Katz sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $116.25, for a total value of $1,162,500.00. Following the completion of the transaction, the director now directly owns 16,584 shares of the company’s stock, valued at approximately $1,927,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the firm’s stock in a transaction that occurred on Monday, October 17th. The stock was sold at an average price of $113.45, for a total transaction of $4,608,906.25. Following the completion of the transaction, the chairman now directly owns 267,142 shares of the company’s stock, valued at $30,307,259.90. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
About American Tower Corp.
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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