Vanguard Group Inc. Purchases 248,968 Shares of American Tower Corp (NYSE:AMT)

Vanguard Group Inc. lifted its position in shares of American Tower Corp (NYSE:AMT) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,494,934 shares of the real estate investment trust’s stock after buying an additional 248,968 shares during the quarter. Vanguard Group Inc. owned approximately 0.13% of American Tower worth $11,754,838,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in American Tower by 4.0% during the second quarter. BlackRock Inc. now owns 31,549,686 shares of the real estate investment trust’s stock valued at $6,450,332,000 after purchasing an additional 1,213,664 shares in the last quarter. FMR LLC boosted its position in American Tower by 13.3% during the first quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock valued at $4,496,615,000 after purchasing an additional 2,673,794 shares in the last quarter. Akre Capital Management LLC boosted its position in American Tower by 1.7% during 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 purchasing an additional 119,400 shares in the last quarter. Northern Trust Corp boosted its position in American Tower by 1.5% during the second quarter. Northern Trust Corp now owns 6,772,952 shares of the real estate investment trust’s stock valued at $1,384,730,000 after purchasing an additional 96,999 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in American Tower by 28.3% during the first quarter. Jennison Associates LLC now owns 3,697,620 shares of the real estate investment trust’s stock valued at $728,653,000 after purchasing an additional 816,380 shares in the last quarter. 92.50% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO James D. Taiclet, Jr. sold 57,438 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $201.40, for a total value of $11,568,013.20. Following the completion of the transaction, the chief executive officer now directly owns 255,414 shares in the company, valued at $51,440,379.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Craig Macnab sold 5,953 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $225.46, for a total value of $1,342,163.38. Following the completion of the transaction, the director now owns 14,341 shares of the company’s stock, valued at $3,233,321.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,354 shares of company stock valued at $28,232,160. Company insiders own 0.75% of the company’s stock.

A number of equities research analysts recently weighed in on the company. SunTrust Banks raised their price objective on American Tower to $230.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised their price objective on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Morgan Stanley raised their price objective on American Tower from $185.00 to $201.00 and gave the company an “equal weight” rating in a research report on Monday, May 20th. Citigroup raised their price objective on American Tower from $236.00 to $240.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Finally, KeyCorp raised their price objective on American Tower from $225.00 to $253.00 and gave the company an “overweight” rating in a research report on Monday, August 19th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $205.87.

American Tower stock traded up $3.37 during midday trading on Tuesday, reaching $220.14. The company’s stock had a trading volume of 1,063,826 shares, compared to its average volume of 1,776,288. The stock’s 50-day simple moving average is $222.76 and its 200-day simple moving average is $205.25. The company has a debt-to-equity ratio of 4.13, a current ratio of 0.49 and a quick ratio of 0.49. American Tower Corp has a 52-week low of $140.40 and a 52-week high of $242.00. The stock has a market capitalization of $95.34 billion, a P/E ratio of 27.55, a PEG ratio of 1.75 and a beta of 0.47.

American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). American Tower had a net margin of 19.30% and a return on equity of 24.75%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the business posted $1.74 earnings per share. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts expect that American Tower Corp will post 7.67 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Stockholders of record on Friday, September 27th will be paid a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 1.73%. This is a boost from American Tower’s previous quarterly dividend of $0.92. The ex-dividend date is Thursday, September 26th. American Tower’s dividend payout ratio (DPR) is presently 46.06%.

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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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