Montag & Caldwell LLC reduced its stake in American Tower Corp (NYSE:AMT) by 2.4% in the third quarter, HoldingsChannel.com reports. The fund owned 271,627 shares of the real estate investment trust’s stock after selling 6,663 shares during the quarter. Montag & Caldwell LLC’s holdings in American Tower were worth $39,467,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of AMT. Mount Yale Investment Advisors LLC boosted its stake in American Tower by 354.4% in the second quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock valued at $104,000 after acquiring an additional 560 shares during the period. Kaizen Advisory LLC boosted its stake in American Tower by 140.6% in the second quarter. Kaizen Advisory LLC now owns 1,008 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 589 shares during the period. Valeo Financial Advisors LLC boosted its stake in American Tower by 75.0% in the second quarter. Valeo Financial Advisors LLC now owns 1,029 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 441 shares during the period. RMR Advisors LLC acquired a new position in American Tower in the second quarter valued at approximately $173,000. Finally, Sun Life Financial INC boosted its stake in American Tower by 311.3% in the second quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 906 shares during the period. Institutional investors own 93.35% of the company’s stock.
In related news, Chairman James D. Taiclet, Jr. sold 43,808 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $150.65, for a total transaction of $6,599,675.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Edmund Disanto sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $146.78, for a total value of $1,908,140.00. Following the sale, the executive vice president now directly owns 160,021 shares in the company, valued at approximately $23,487,882.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 242,126 shares of company stock worth $37,410,060. 0.87% of the stock is owned by corporate insiders.
AMT has been the subject of a number of research reports. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research note on Friday, July 6th. Raymond James cut American Tower from an “outperform” rating to a “market perform” rating in a report on Monday, July 9th. JPMorgan Chase & Co. cut American Tower from an “overweight” rating to a “neutral” rating and set a $150.00 price target on the stock. in a report on Tuesday, July 10th. Guggenheim cut American Tower from a “buy” rating to a “neutral” rating and set a $135.00 price target on the stock. in a report on Monday, July 16th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $167.00 price target on shares of American Tower in a report on Friday, July 20th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $164.33.
AMT opened at $152.79 on Friday. The company has a market cap of $70.95 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 1.67 and a beta of 0.80. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 3.11. American Tower Corp has a twelve month low of $130.37 and a twelve month high of $161.71.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.76 billion. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. As a group, analysts anticipate that American Tower Corp will post 7.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Investors of record on Friday, September 28th were issued a dividend of $0.79 per share. This is a boost from American Tower’s previous quarterly dividend of $0.77. The ex-dividend date was Thursday, September 27th. This represents a $3.16 annualized dividend and a yield of 2.07%. American Tower’s payout ratio is presently 49.53%.
American Tower Company 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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