American Tower Corp (NYSE:AMT) Position Lessened by Campbell Newman Asset Management Inc.

Campbell Newman Asset Management Inc. lessened its holdings in American Tower Corp (NYSE:AMT) by 7.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 105,138 shares of the real estate investment trust’s stock after selling 8,222 shares during the period. American Tower accounts for approximately 3.3% of Campbell Newman Asset Management Inc.’s portfolio, making the stock its 6th largest holding. Campbell Newman Asset Management Inc.’s holdings in American Tower were worth $23,250,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AMT. Nuveen Asset Management LLC raised its position in shares of American Tower by 16,153.9% in the second quarter. Nuveen Asset Management LLC now owns 3,848,439 shares of the real estate investment trust’s stock worth $786,813,000 after buying an additional 3,824,762 shares in the last quarter. BlackRock Inc. raised its position in shares of American Tower by 4.0% in the second quarter. BlackRock Inc. now owns 31,549,686 shares of the real estate investment trust’s stock worth $6,450,332,000 after buying an additional 1,213,664 shares in the last quarter. Prudential Financial Inc. increased its stake in American Tower by 72.4% in the second quarter. Prudential Financial Inc. now owns 1,445,399 shares of the real estate investment trust’s stock valued at $295,512,000 after acquiring an additional 607,026 shares during the last quarter. APG Asset Management N.V. increased its stake in American Tower by 24.2% in the second quarter. APG Asset Management N.V. now owns 1,807,357 shares of the real estate investment trust’s stock valued at $324,477,000 after acquiring an additional 351,686 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in American Tower by 19.1% in the second quarter. California Public Employees Retirement System now owns 2,061,930 shares of the real estate investment trust’s stock valued at $421,562,000 after acquiring an additional 331,035 shares during the last quarter. Institutional investors own 92.63% of the company’s stock.

Shares of NYSE:AMT opened at $226.02 on Thursday. The stock’s 50-day moving average price is $224.61 and its 200-day moving average price is $211.97. American Tower Corp has a 12-month low of $148.74 and a 12-month high of $242.00. The stock has a market capitalization of $100.37 billion, a P/E ratio of 28.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.44. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 4.13.

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

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Friday, September 27th were paid a $0.95 dividend. The ex-dividend date was Thursday, September 26th. This is a boost from American Tower’s previous quarterly dividend of $0.92. This represents a $3.80 annualized dividend and a dividend yield of 1.68%. American Tower’s dividend payout ratio (DPR) is presently 47.56%.

A number of research analysts recently commented on AMT shares. JPMorgan Chase & Co. increased their target price on American Tower from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. KeyCorp increased their target price on American Tower from $225.00 to $253.00 and gave the company an “overweight” rating in a research note on Monday, August 19th. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup increased their target price on American Tower from $236.00 to $240.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Finally, SunTrust Banks increased their target price on American Tower to $230.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. American Tower presently has an average rating of “Hold” and an average target price of $206.87.

In related news, EVP Edmund Disanto sold 31,669 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $226.54, for a total value of $7,174,295.26. Following the sale, the executive vice president now directly owns 166,730 shares of the company’s stock, valued at $37,771,014.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 sale, the director now directly owns 14,341 shares in the company, valued at $3,233,321.86. The disclosure for this sale can be found here. Insiders sold 200,001 shares of company stock worth $44,133,551 over the last three months. 0.75% of the stock is owned by insiders.

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.

Further Reading: Why investors pay attention to retained earnings

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

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