King Luther Capital Management Corp grew its stake in American Tower Corp (NYSE:AMT) by 1.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 107,741 shares of the real estate investment trust’s stock after buying an additional 1,971 shares during the quarter. King Luther Capital Management Corp’s holdings in American Tower were worth $15,655,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of AMT. BlackRock Inc. raised its holdings in American Tower by 8.9% in the 2nd quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock worth $4,233,258,000 after purchasing an additional 2,410,425 shares during the period. Edgewood Management LLC raised its holdings in American Tower by 16.7% in the 3rd quarter. Edgewood Management LLC now owns 7,967,144 shares of the real estate investment trust’s stock worth $1,157,626,000 after purchasing an additional 1,139,504 shares during the period. Resolution Capital Ltd raised its holdings in American Tower by 291.1% in the 3rd quarter. Resolution Capital Ltd now owns 1,522,702 shares of the real estate investment trust’s stock worth $187,429,000 after purchasing an additional 1,133,323 shares during the period. AustralianSuper Pty Ltd acquired a new position in American Tower in the 2nd quarter worth about $155,992,000. Finally, FMR LLC raised its holdings in American Tower by 6.7% in the 3rd quarter. FMR LLC now owns 15,195,387 shares of the real estate investment trust’s stock worth $2,207,889,000 after purchasing an additional 951,620 shares during the period. 93.25% of the stock is owned by institutional investors and hedge funds.
Shares of American Tower stock opened at $163.48 on Thursday. American Tower Corp has a 12 month low of $130.37 and a 12 month high of $167.09. The company has a market cap of $72.01 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 1.58 and a beta of 0.62. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 3.11.
American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.02. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. As a group, equities research analysts anticipate that American Tower Corp will post 7.58 EPS for the current fiscal year.
A number of equities analysts recently weighed in on the company. Zacks Investment Research raised American Tower from a “sell” rating to a “hold” rating in a report on Thursday, October 18th. Citigroup cut American Tower from a “buy” rating to a “neutral” rating and upped their price target for the stock from $161.00 to $176.00 in a report on Wednesday, October 31st. Royal Bank of Canada upped their price target on American Tower to $173.00 and gave the stock an “outperform” rating in a report on Thursday, November 1st. Barclays upped their price target on American Tower from $156.00 to $164.00 and gave the stock an “overweight” rating in a report on Wednesday, October 31st. Finally, Bank of America set a $172.00 price target on American Tower and gave the stock a “buy” rating in a report on Wednesday, October 31st. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $165.31.
In other American Tower news, EVP Edmund Disanto sold 13,000 shares of the stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $146.78, for a total transaction of $1,908,140.00. Following the completion of the transaction, the executive vice president now owns 160,021 shares of the company’s stock, valued at $23,487,882.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 10,747 shares of the stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $161.87, for a total value of $1,739,616.89. Following the transaction, the executive vice president now directly owns 20,543 shares of the company’s stock, valued at approximately $3,325,295.41. The disclosure for this sale can be found here. Insiders have sold 351,360 shares of company stock valued at $55,867,093 in the last three months. Insiders own 0.87% of the company’s stock.
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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 over 170,000 communications sites.
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