Essex Financial Services Inc. grew its holdings in shares of American Tower Corp (NYSE:AMT) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,475 shares of the real estate investment trust’s stock after purchasing an additional 173 shares during the period. Essex Financial Services Inc.’s holdings in American Tower were worth $768,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Cox Capital Mgt LLC grew its holdings in shares of American Tower by 1.1% during the second quarter. Cox Capital Mgt LLC now owns 6,489 shares of the real estate investment trust’s stock valued at $1,327,000 after purchasing an additional 73 shares during the last quarter. Boltwood Capital Management grew its holdings in shares of American Tower by 2.5% during the second quarter. Boltwood Capital Management now owns 4,175 shares of the real estate investment trust’s stock valued at $854,000 after purchasing an additional 100 shares during the last quarter. Park National Corp OH grew its holdings in shares of American Tower by 10.4% during the second quarter. Park National Corp OH now owns 33,595 shares of the real estate investment trust’s stock valued at $6,869,000 after purchasing an additional 3,153 shares during the last quarter. Dorsey Wright & Associates grew its holdings in shares of American Tower by 47.6% during the second quarter. Dorsey Wright & Associates now owns 27,161 shares of the real estate investment trust’s stock valued at $5,553,000 after purchasing an additional 8,760 shares during the last quarter. Finally, DNB Asset Management AS grew its holdings in shares of American Tower by 11.6% during the second quarter. DNB Asset Management AS now owns 54,538 shares of the real estate investment trust’s stock valued at $11,150,000 after purchasing an additional 5,688 shares during the last quarter. Hedge funds and other institutional investors own 92.54% of the company’s stock.
AMT stock traded up $0.18 on Friday, reaching $205.87. The company’s stock had a trading volume of 1,818,122 shares, compared to its average volume of 1,770,815. The firm has a fifty day moving average of $220.99 and a two-hundred day moving average of $213.42. The company has a debt-to-equity ratio of 4.40, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market capitalization of $91.20 billion, a P/E ratio of 25.77, a price-to-earnings-growth ratio of 1.65 and a beta of 0.43. American Tower Corp has a 52 week low of $150.66 and a 52 week high of $242.00.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.17. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.88 billion. American Tower had a return on equity of 27.12% and a net margin of 20.58%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the company posted $1.85 EPS. As a group, equities analysts expect that American Tower Corp will post 7.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Shareholders of record on Friday, September 27th were paid a dividend of $0.95 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.92. This represents a $3.80 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Thursday, September 26th. American Tower’s dividend payout ratio (DPR) is presently 47.56%.
AMT has been the subject of a number of recent analyst reports. SunTrust Banks increased their price objective on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Morgan Stanley increased their price objective on American Tower from $201.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Citigroup increased their price objective on American Tower from $236.00 to $240.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Cowen increased their price objective on American Tower from $238.00 to $260.00 and gave the stock an “in-line” rating in a report on Friday, November 1st. Finally, Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $237.00 price objective for the company in a report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $215.79.
In other American Tower news, Director Craig Macnab sold 5,953 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $225.46, for a total transaction of $1,342,163.38. Following the completion of the transaction, the director now directly owns 14,341 shares of the company’s stock, valued at approximately $3,233,321.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $206.78, for a total value of $206,780.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 141,524 shares of company stock valued at $31,726,127. 0.75% of the stock is currently owned by corporate insiders.
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 171,000 communications sites.
Read More: What is a dividend reinvestment plan?
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.