Riverhead Capital Management LLC boosted its position in shares of American Tower Corp (NYSE:AMT) by 32.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,115 shares of the real estate investment trust’s stock after buying an additional 5,620 shares during the quarter. Riverhead Capital Management LLC’s holdings in American Tower were worth $4,555,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc lifted its holdings in shares of American Tower by 6.7% during the 3rd quarter. Vanguard Group Inc now owns 56,635,438 shares of the real estate investment trust’s stock worth $8,229,130,000 after acquiring an additional 3,579,249 shares during the period. BlackRock Inc. raised its holdings in American Tower by 2.1% in the first quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock valued at $5,978,017,000 after buying an additional 610,821 shares during the period. FMR LLC raised its holdings in American Tower by 32.6% in the fourth quarter. FMR LLC now owns 20,144,710 shares of the real estate investment trust’s stock valued at $3,186,692,000 after buying an additional 4,949,323 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in American Tower by 15,525.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,579,832 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 7,531,324 shares during the period. Finally, Akre Capital Management LLC raised its holdings in American Tower by 1.7% in the first quarter. Akre Capital Management LLC now owns 7,186,828 shares of the real estate investment trust’s stock valued at $1,416,236,000 after buying an additional 119,400 shares during the period. Institutional investors own 94.33% of the company’s stock.
In other news, EVP Olivier Puech sold 8,347 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $210.27, for a total transaction of $1,755,123.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $198.33, for a total transaction of $8,759,839.44. Following the transaction, the senior vice president now directly owns 54,460 shares of the company’s stock, valued at approximately $10,801,051.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,065 shares of company stock valued at $51,423,854. 0.75% of the stock is currently owned by corporate insiders.
American Tower (NYSE:AMT) last released its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.04. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.80 billion. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. On average, research analysts predict that American Tower Corp will post 7.52 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, June 19th will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, June 18th. This is an increase from American Tower’s previous quarterly dividend of $0.90. American Tower’s payout ratio is currently 45.06%.
Several research firms recently commented on AMT. Bank of America raised their price target on shares of American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Royal Bank of Canada lifted their price objective on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, May 9th. Morgan Stanley lifted their price objective on shares of American Tower from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Monday, March 11th. Wells Fargo & Co lowered shares of American Tower from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $190.00 to $196.00 in a research note on Monday, April 15th. They noted that the move was a valuation call. Finally, Oppenheimer lowered shares of American Tower from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 28th. Thirteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. American Tower presently has an average rating of “Hold” and an average price target of $183.82.
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About American Tower
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 171,000 communications sites.
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