Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in American Tower Corp (NYSE:AMT) by 0.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,608 shares of the real estate investment trust’s stock after acquiring an additional 737 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in American Tower were worth $19,512,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AMT. CXI Advisors acquired a new stake in American Tower in the fourth quarter valued at $27,000. MCF Advisors LLC acquired a new stake in American Tower in the first quarter valued at $27,000. Brooktree Capital Management acquired a new stake in American Tower in the fourth quarter valued at $29,000. John W. Brooker & Co. CPAs acquired a new stake in American Tower in the first quarter valued at $32,000. Finally, TI Trust Inc. acquired a new stake in American Tower in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 91.73% of the company’s stock.
A number of analysts have commented on the stock. Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price target for the company in a research note on Thursday, March 26th. Credit Suisse Group began coverage on shares of American Tower in a research note on Tuesday, April 28th. They set an “outperform” rating and a $308.00 target price for the company. Wells Fargo & Co raised their target price on shares of American Tower from $265.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Edward Jones upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Tuesday, March 24th. Finally, Citigroup upgraded shares of American Tower from a “neutral” rating to a “buy” rating and set a $280.00 target price for the company in a research note on Thursday, March 5th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $257.38.
American Tower (NYSE:AMT) last released its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the business earned $1.84 earnings per share. American Tower’s quarterly revenue was up 9.9% compared to the same quarter last year. Sell-side analysts forecast that American Tower Corp will post 8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be issued a $1.10 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.08. This represents a $4.40 annualized dividend and a yield of 1.83%. The ex-dividend date is Thursday, June 18th. American Tower’s dividend payout ratio (DPR) is currently 55.89%.
In related news, Director David E. Sharbutt sold 2,200 shares of American Tower stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $243.60, for a total transaction of $535,920.00. Following the sale, the director now directly owns 4,097 shares of the company’s stock, valued at approximately $998,029.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Steven O. Vondran sold 1,229 shares of American Tower stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $205.81, for a total transaction of $252,940.49. Following the sale, the executive vice president now directly owns 27,469 shares in the company, valued at $5,653,394.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,392 shares of company stock worth $3,343,752. Insiders own 0.65% of the company’s stock.
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 171,000 communications sites.
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