American Tower Corp (AMT) Shares Bought by Cullinan Associates Inc.

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Cullinan Associates Inc. boosted its position in American Tower Corp (NYSE:AMT) by 12.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,205 shares of the real estate investment trust’s stock after purchasing an additional 5,500 shares during the period. Cullinan Associates Inc.’s holdings in American Tower were worth $7,295,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wallington Asset Management LLC lifted its position in American Tower by 0.4% in the second quarter. Wallington Asset Management LLC now owns 82,040 shares of the real estate investment trust’s stock worth $11,828,000 after purchasing an additional 340 shares during the period. Peregrine Capital Management LLC lifted its position in shares of American Tower by 0.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 110,820 shares of the real estate investment trust’s stock valued at $15,977,000 after acquiring an additional 351 shares during the last quarter. Warren Averett Asset Management LLC lifted its position in shares of American Tower by 9.0% during the 2nd quarter. Warren Averett Asset Management LLC now owns 4,498 shares of the real estate investment trust’s stock valued at $648,000 after acquiring an additional 370 shares during the last quarter. Appleton Partners Inc. MA lifted its position in shares of American Tower by 0.6% during the 3rd quarter. Appleton Partners Inc. MA now owns 65,875 shares of the real estate investment trust’s stock valued at $9,572,000 after acquiring an additional 370 shares during the last quarter. Finally, Gofen & Glossberg LLC IL lifted its position in shares of American Tower by 1.0% during the 3rd quarter. Gofen & Glossberg LLC IL now owns 36,845 shares of the real estate investment trust’s stock valued at $5,354,000 after acquiring an additional 371 shares during the last quarter. Hedge funds and other institutional investors own 93.21% of the company’s stock.

In other American Tower news, Director David E. Sharbutt sold 1,321 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $150.48, for a total transaction of $198,784.08. Following the sale, the director now directly owns 4,781 shares of the company’s stock, valued at approximately $719,444.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 43,808 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $150.65, for a total transaction of $6,599,675.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,281 shares of company stock worth $12,014,625. Company insiders own 0.87% of the company’s stock.

NYSE:AMT traded up $3.77 during trading hours on Friday, hitting $150.56. 138,601 shares of the stock traded hands, compared to its average volume of 1,689,266. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.99. American Tower Corp has a fifty-two week low of $130.37 and a fifty-two week high of $155.28. The company has a market cap of $64.66 billion, a P/E ratio of 23.49, a price-to-earnings-growth ratio of 1.57 and a beta of 0.80.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($1.04). American Tower had a net margin of 16.34% and a return on equity of 16.72%. The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same period last year, the firm earned $1.58 earnings per share. American Tower’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that American Tower Corp will post 7.1 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Shareholders of record on Friday, September 28th were paid a dividend of $0.79 per share. This is an increase from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a yield of 2.10%. The ex-dividend date was Thursday, September 27th. American Tower’s payout ratio is 49.53%.

A number of equities research analysts have recently commented on AMT shares. JPMorgan Chase & Co. downgraded American Tower from an “overweight” rating to a “neutral” rating and set a $150.00 price objective for the company. in a research report on Tuesday, July 10th. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Morgan Stanley increased their price objective on American Tower from $154.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, August 16th. SunTrust Banks reiterated a “buy” rating and set a $167.00 price objective on shares of American Tower in a research report on Friday, July 20th. Finally, Raymond James downgraded American Tower from an “outperform” rating to a “market perform” rating in a research report on Monday, July 9th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $162.14.

American Tower Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 170,000 communications sites.

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

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