Advisory Services Network LLC raised its position in American Tower Corp. (NYSE:AMT) by 3.1% during the second quarter, Holdings Channel reports. The fund owned 3,819 shares of the real estate investment trust’s stock after buying an additional 115 shares during the period. Advisory Services Network LLC’s holdings in American Tower Corp. were worth $434,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of AMT. Wellington Management Group LLP boosted its stake 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 last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of American Tower Corp. during the first quarter valued at approximately $25,720,000. Westwood Management Corp IL purchased a new stake in shares of American Tower Corp. during the second quarter valued at approximately $28,454,000. Adage Capital Partners GP L.L.C. increased its stake in shares of American Tower Corp. by 36.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 860,813 shares of the real estate investment trust’s stock valued at $88,121,000 after buying an additional 228,211 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of American Tower Corp. by 7.8% in the second quarter. American Century Companies Inc. now owns 2,403,790 shares of the real estate investment trust’s stock valued at $273,095,000 after buying an additional 173,514 shares during the period. Hedge funds and other institutional investors own 94.23% of the company’s stock.
Shares of American Tower Corp. (NYSE:AMT) remained flat at $108.51 on Friday. 2,295,917 shares of the company were exchanged. The stock has a 50 day moving average of $112.21 and a 200-day moving average of $109.80. American Tower Corp. has a 12 month low of $83.07 and a 12 month high of $118.26. The stock has a market capitalization of $46.17 billion, a P/E ratio of 67.36 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.44 billion for 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 company’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.26 earnings per share. Equities research analysts predict that American Tower Corp. will post $5.70 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a $0.55 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio is 136.65%.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 price target for the company in a research report on Wednesday, September 28th. SunTrust Banks Inc. assumed coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They issued a “buy” rating and a $128.00 price target for the company. Jefferies Group restated a “buy” rating on shares of American Tower Corp. in a research report on Monday, September 12th. Argus upped their price target on shares of American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 17th. Finally, Citigroup Inc. reduced their price target on shares of American Tower Corp. from $134.00 to $133.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. One investment analyst has rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. American Tower Corp. currently has an average rating of “Buy” and an average target price of $120.99.
In other news, EVP Edmund Disanto sold 21,087 shares of the stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $116.71, for a total value of $2,461,063.77. Following the completion of the transaction, the executive vice president now owns 140,749 shares of the company’s stock, valued at $16,426,815.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 226,517 shares of the company’s stock, valued at approximately $24,645,049.60. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by insiders.
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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