Somerset Trust Co lifted its holdings in American Tower Corp (NYSE:AMT) by 3.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,822 shares of the real estate investment trust’s stock after purchasing an additional 155 shares during the period. Somerset Trust Co’s holdings in American Tower were worth $1,166,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Loomis Sayles & Co. L P acquired a new position in American Tower during the 1st quarter worth approximately $152,000. Silvercrest Asset Management Group LLC grew its holdings in American Tower by 5.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 12,596 shares of the real estate investment trust’s stock worth $2,743,000 after acquiring an additional 644 shares in the last quarter. Atom Investors LP grew its holdings in American Tower by 88.6% during the 1st quarter. Atom Investors LP now owns 4,792 shares of the real estate investment trust’s stock worth $1,043,000 after acquiring an additional 2,251 shares in the last quarter. Two Sigma Advisers LP grew its holdings in American Tower by 9.6% during the 1st quarter. Two Sigma Advisers LP now owns 255,800 shares of the real estate investment trust’s stock worth $55,700,000 after acquiring an additional 22,500 shares in the last quarter. Finally, CIBC World Markets Inc. grew its holdings in American Tower by 26.7% during the 1st quarter. CIBC World Markets Inc. now owns 26,194 shares of the real estate investment trust’s stock worth $5,704,000 after acquiring an additional 5,514 shares in the last quarter. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Several research firms have commented on AMT. Barclays began coverage on shares of American Tower in a report on Wednesday, July 15th. They set an “overweight” rating and a $296.00 price target for the company. Zacks Investment Research upgraded shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 price target for the company in a report on Monday, June 29th. Wells Fargo & Company reduced their price objective on shares of American Tower from $290.00 to $285.00 and set an “overweight” rating for the company in a research report on Wednesday, September 16th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of American Tower from $305.00 to $300.00 and set a “buy” rating for the company in a research report on Tuesday, October 6th. Finally, Oppenheimer initiated coverage on shares of American Tower in a research report on Tuesday, August 11th. They set a “buy” rating and a $290.00 price objective for the company. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. American Tower presently has a consensus rating of “Buy” and an average price target of $273.69.
American Tower (NYSE:AMT) last released its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 EPS for the quarter, missing the consensus estimate of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter last year, the company earned $2.01 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities analysts forecast that American Tower Corp will post 8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Monday, September 28th were given a dividend of $1.14 per share. The ex-dividend date was Friday, September 25th. This represents a $4.56 dividend on an annualized basis and a yield of 1.88%. This is an increase from American Tower’s previous quarterly dividend of $1.10. American Tower’s dividend payout ratio is presently 58.99%.
In other American Tower news, Director David E. Sharbutt sold 973 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $255.27, for a total transaction of $248,377.71. Following the completion of the transaction, the director now owns 763 shares in the company, valued at approximately $194,771.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Olivier Puech sold 4,078 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $265.00, for a total transaction of $1,080,670.00. Following the transaction, the executive vice president now owns 21,663 shares of the company’s stock, valued at approximately $5,740,695. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,525 shares of company stock valued at $6,870,712. 0.65% of the stock is owned by insiders.
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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