LS Investment Advisors LLC reduced its position in American Tower Corp. (NYSE:AMT) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,539 shares of the real estate investment trust’s stock after selling 231 shares during the period. LS Investment Advisors LLC’s holdings in American Tower Corp. were worth $1,084,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of AMT. Legal & General Group Plc raised its stake in shares of American Tower Corp. by 1.4% in the first quarter. Legal & General Group Plc now owns 2,277,699 shares of the real estate investment trust’s stock worth $233,170,000 after buying an additional 31,926 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of American Tower Corp. by 12.5% in the first quarter. Renaissance Technologies LLC now owns 512,339 shares of the real estate investment trust’s stock worth $52,448,000 after buying an additional 56,900 shares in the last quarter. Adage Capital Partners GP L.L.C. raised 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 worth $88,121,000 after buying an additional 228,211 shares in the last quarter. Sarasin & Partners LLP purchased a new stake in shares of American Tower Corp. during the second quarter worth about $2,663,000. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of American Tower Corp. during the first quarter worth about $5,582,000. 94.23% of the stock is currently owned by hedge funds and other institutional investors.
American Tower Corp. (NYSE:AMT) traded up 0.85% on Monday, hitting $109.43. The stock had a trading volume of 1,231,106 shares. The company’s 50-day moving average is $112.03 and its 200-day moving average is $110.08. The stock has a market cap of $46.56 billion, a P/E ratio of 67.93 and a beta of 0.62. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26.
American Tower Corp. (NYSE:AMT) last posted its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter last year, the business earned $1.26 EPS. American Tower Corp.’s revenue for the quarter was up 22.8% compared to the same quarter last year. On average, analysts anticipate that American Tower Corp. will post $5.70 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.55 per share. This is a boost 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 2.01%. American Tower Corp.’s dividend payout ratio (DPR) is 136.65%.
A number of analysts have recently issued reports on AMT shares. Zacks Investment Research raised American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 price target on the stock in a research note on Wednesday, September 28th. Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a research report on Monday, August 29th. Citigroup Inc. lifted their price objective on American Tower Corp. from $121.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, July 11th. Argus lifted their price objective on American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. Finally, BTIG Research lifted their price objective on American Tower Corp. to $140.00 in a research 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 have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $120.99.
In other news, EVP Steven C. Marshall sold 50,000 shares of the firm’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $115.50, for a total transaction of $5,775,000.00. Following the sale, the executive vice president now owns 139,689 shares in the company, valued at $16,134,079.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carolyn Katz sold 10,000 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $116.25, for a total value of $1,162,500.00. Following the sale, the director now owns 16,584 shares in the company, valued at approximately $1,927,890. 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.
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp. (NYSE:AMT).
Receive News & Ratings for American Tower Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower Corp. and related companies with MarketBeat.com's FREE daily email newsletter.