Atlantic Trust LLC decreased its holdings in American Tower Co. (REIT) (NYSE:AMT) by 3.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 18,665 shares of the real estate investment trust’s stock after selling 737 shares during the quarter. American Tower accounts for approximately 3.4% of Atlantic Trust LLC’s investment portfolio, making the stock its 6th largest holding. Atlantic Trust LLC’s holdings in American Tower were worth $5,267,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. NEXT Financial Group Inc lifted its holdings in American Tower by 1.4% in the 2nd quarter. NEXT Financial Group Inc now owns 2,819 shares of the real estate investment trust’s stock worth $762,000 after buying an additional 38 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of American Tower by 7.1% in the second quarter. Parkside Financial Bank & Trust now owns 631 shares of the real estate investment trust’s stock worth $170,000 after buying an additional 42 shares during the last quarter. Quest Capital Management Inc. ADV raised its holdings in American Tower by 2.7% in the second quarter. Quest Capital Management Inc. ADV now owns 1,640 shares of the real estate investment trust’s stock valued at $443,000 after acquiring an additional 43 shares in the last quarter. Heritage Wealth Advisors grew its holdings in American Tower by 14.5% during the 2nd quarter. Heritage Wealth Advisors now owns 348 shares of the real estate investment trust’s stock worth $78,000 after acquiring an additional 44 shares in the last quarter. Finally, WD Rutherford LLC raised its stake in shares of American Tower by 1.2% in the 2nd quarter. WD Rutherford LLC now owns 3,793 shares of the real estate investment trust’s stock valued at $1,025,000 after purchasing an additional 45 shares in the last quarter. Institutional investors own 89.57% of the company’s stock.
In other American Tower news, Director Robert D. Hormats sold 100 shares of the company’s stock in a transaction on Tuesday, July 20th. The shares were sold at an average price of $283.11, for a total transaction of $28,311.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Steven O. Vondran sold 8,046 shares of the company’s stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $279.09, for a total value of $2,245,558.14. Following the completion of the sale, the executive vice president now owns 25,755 shares in the company, valued at approximately $7,187,962.95. The disclosure for this sale can be found here. Insiders have sold a total of 9,085 shares of company stock worth $2,552,330 in the last three months. 0.68% of the stock is owned by insiders.
American Tower (NYSE:AMT) last posted its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. On average, equities research analysts expect that American Tower Co. will post 9.28 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th will be given a $1.31 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, September 27th. American Tower’s dividend payout ratio (DPR) is currently 60.19%.
A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their price target on American Tower from $270.00 to $316.00 and gave the company an “equal weight” rating in a report on Friday, September 10th. They noted that the move was a valuation call. Argus boosted their price objective on shares of American Tower from $288.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, August 12th. Citigroup lowered American Tower from a “buy” rating to a “neutral” rating in a report on Tuesday, July 13th. Truist Securities upped their target price on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Oppenheimer lowered American Tower from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $305.00 to $300.00 in a report on Friday, September 10th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $298.29.
American Tower Company Profile
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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