Inscription Capital LLC lifted its holdings in American Tower Co. (REIT) (NYSE:AMT) by 193.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,302 shares of the real estate investment trust’s stock after purchasing an additional 6,136 shares during the quarter. Inscription Capital LLC’s holdings in American Tower were worth $2,481,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Heritage Trust Co grew its position in shares of American Tower by 4.8% in the 3rd quarter. Heritage Trust Co now owns 30,760 shares of the real estate investment trust’s stock valued at $8,164,000 after purchasing an additional 1,420 shares during the period. San Luis Wealth Advisors LLC acquired a new position in American Tower during the 3rd quarter worth approximately $1,526,000. Condor Capital Management boosted its position in American Tower by 1.8% during the 3rd quarter. Condor Capital Management now owns 13,997 shares of the real estate investment trust’s stock worth $3,715,000 after acquiring an additional 243 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in American Tower during the 3rd quarter worth approximately $287,000. Finally, Boston Private Wealth LLC boosted its position in American Tower by 2.3% during the 3rd quarter. Boston Private Wealth LLC now owns 86,962 shares of the real estate investment trust’s stock worth $23,080,000 after acquiring an additional 1,926 shares during the last quarter. Institutional investors and hedge funds own 89.57% of the company’s stock.
A number of research firms have weighed in on AMT. Raymond James reduced their price target on American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, November 1st. KeyCorp increased their price objective on American Tower from $302.00 to $311.00 and gave the company an “overweight” rating in a report on Friday, October 29th. JPMorgan Chase & Co. downgraded American Tower from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $285.00 to $271.00 in a report on Wednesday. Wells Fargo & Company cut their price objective on American Tower from $305.00 to $285.00 and set an “overweight” rating for the company in a report on Friday, November 19th. Finally, Credit Suisse Group increased their price objective on American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a report on Friday, October 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Buy” and an average target price of $294.47.
American Tower (NYSE:AMT) last posted its quarterly earnings data on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing the consensus estimate of $2.27 by ($0.69). The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.41 billion. American Tower had a return on equity of 39.34% and a net margin of 27.44%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.23 EPS. Research analysts expect that American Tower Co. will post 9.18 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 14th. Investors of record on Monday, December 27th will be given a $1.39 dividend. The ex-dividend date is Thursday, December 23rd. This represents a $5.56 dividend on an annualized basis and a dividend yield of 2.09%. This is a boost from American Tower’s previous quarterly dividend of $1.31. American Tower’s dividend payout ratio (DPR) is presently 101.09%.
In related news, Director Pamela D. A. Reeve sold 3,590 shares of the firm’s stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joann A. Reed sold 866 shares of the firm’s stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total value of $225,593.00. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by company insiders.
About American Tower
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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