American Tower Corporation (REIT) (AMT) Stake Cut by Gamble Jones Investment Counsel

Gamble Jones Investment Counsel cut its stake in American Tower Corporation (REIT) (NYSE:AMT) by 0.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,248 shares of the real estate investment trust’s stock after selling 129 shares during the period. Gamble Jones Investment Counsel’s holdings in American Tower Corporation (REIT) were worth $3,738,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Alexandria Capital LLC boosted its stake in shares of American Tower Corporation (REIT) by 0.5% in the second quarter. Alexandria Capital LLC now owns 812 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 4 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake in shares of American Tower Corporation (REIT) by 1.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,235 shares of the real estate investment trust’s stock valued at $163,000 after buying an additional 15 shares in the last quarter. Guardian Life Insurance Co. of America boosted its stake in shares of American Tower Corporation (REIT) by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 1,650 shares of the real estate investment trust’s stock valued at $201,000 after buying an additional 19 shares in the last quarter. Homrich & Berg boosted its stake in shares of American Tower Corporation (REIT) by 0.3% in the first quarter. Homrich & Berg now owns 7,046 shares of the real estate investment trust’s stock valued at $856,000 after buying an additional 24 shares in the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in shares of American Tower Corporation (REIT) by 1.5% in the second quarter. CHICAGO TRUST Co NA now owns 2,010 shares of the real estate investment trust’s stock valued at $266,000 after buying an additional 30 shares in the last quarter. 93.40% of the stock is owned by hedge funds and other institutional investors.

Shares of American Tower Corporation (AMT) opened at 137.85 on Thursday. The stock has a 50 day moving average of $134.81 and a 200-day moving average of $123.63. The firm has a market cap of $59.16 billion, a price-to-earnings ratio of 55.14 and a beta of 0.71. American Tower Corporation has a 52 week low of $99.72 and a 52 week high of $139.50.

American Tower Corporation (REIT) (NYSE:AMT) last released its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by $0.75. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.64 billion. American Tower Corporation (REIT) had a return on equity of 16.70% and a net margin of 18.58%. American Tower Corporation (REIT)’s revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 earnings per share. Equities research analysts expect that American Tower Corporation will post $3.02 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Monday, June 19th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from American Tower Corporation (REIT)’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, June 15th. American Tower Corporation (REIT)’s dividend payout ratio (DPR) is presently 102.81%.

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AMT has been the subject of several research reports. BidaskClub raised shares of American Tower Corporation (REIT) from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Cowen and Company reissued a “buy” rating and set a $155.00 price objective on shares of American Tower Corporation (REIT) in a research note on Wednesday, July 19th. Deutsche Bank AG boosted their price objective on shares of American Tower Corporation (REIT) from $145.00 to $157.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Stifel Nicolaus reissued a “buy” rating and set a $150.00 price objective on shares of American Tower Corporation (REIT) in a research note on Thursday, July 6th. Finally, Zacks Investment Research raised shares of American Tower Corporation (REIT) from a “hold” rating to a “buy” rating and set a $142.00 price objective for the company in a research note on Thursday, May 4th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $142.67.

In related news, Director David E. Sharbutt sold 3,653 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $128.61, for a total transaction of $469,812.33. Following the completion of the sale, the director now owns 10,098 shares in the company, valued at approximately $1,298,703.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven C. Marshall sold 20,548 shares of the stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $134.92, for a total transaction of $2,772,336.16. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by company insiders.

About American Tower Corporation (REIT)

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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Institutional Ownership by Quarter for American Tower Corporation (REIT) (NYSE:AMT)

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