Akre Capital Management LLC lessened its holdings in American Tower Co. (REIT) (NYSE:AMT) by 0.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,124,087 shares of the real estate investment trust’s stock after selling 6,471 shares during the period. American Tower makes up 11.6% of Akre Capital Management LLC’s portfolio, making the stock its 2nd biggest position. Akre Capital Management LLC owned about 1.60% of American Tower worth $1,703,084,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the first quarter worth approximately $27,000. Vantage Consulting Group Inc acquired a new stake in shares of American Tower during the fourth quarter worth approximately $28,000. Montag A & Associates Inc. acquired a new stake in shares of American Tower during the fourth quarter worth approximately $29,000. Albion Financial Group UT acquired a new stake in shares of American Tower during the fourth quarter worth approximately $30,000. Finally, Brand Asset Management Group Inc. acquired a new stake in shares of American Tower during the first quarter worth approximately $30,000. 87.18% of the stock is owned by hedge funds and other institutional investors.
AMT has been the topic of several research analyst reports. Wolfe Research initiated coverage on shares of American Tower in a research note on Thursday, March 18th. They set an “outperform” rating on the stock. Cowen reduced their price objective on shares of American Tower from $334.00 to $324.00 and set an “outperform” rating on the stock in a research note on Friday, February 26th. Zacks Investment Research cut shares of American Tower from a “buy” rating to a “hold” rating and set a $227.00 price objective on the stock. in a research note on Tuesday, March 2nd. Raymond James raised their price objective on shares of American Tower from $244.00 to $261.00 and gave the company an “outperform” rating in a research note on Tuesday, May 4th. Finally, KeyCorp raised their price objective on shares of American Tower from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Tuesday, June 8th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $276.67.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.80). American Tower had a net margin of 23.40% and a return on equity of 44.78%. As a group, analysts expect that American Tower Co. will post 9.16 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 9th. Stockholders of record on Friday, June 18th will be given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, June 17th. This is an increase from American Tower’s previous quarterly dividend of $1.24. American Tower’s dividend payout ratio (DPR) is 60.19%.
In related news, CFO Rodney M. Smith sold 1,533 shares of American Tower stock in a transaction dated Monday, May 24th. The shares were sold at an average price of $250.80, for a total transaction of $384,476.40. Following the completion of the sale, the chief financial officer now owns 49,450 shares of the company’s stock, valued at approximately $12,402,060. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Amit Sharma sold 40,276 shares of American Tower stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $248.48, for a total transaction of $10,007,780.48. Following the sale, the chief executive officer now directly owns 259,622 shares of the company’s stock, valued at approximately $64,510,874.56. The disclosure for this sale can be found here. In the last three months, insiders sold 60,466 shares of company stock valued at $15,039,902. Insiders own 0.68% of the company’s stock.
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 181,000 communications sites.
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