Tributary Capital Management LLC lowered its holdings in shares of American Tower Corp (NYSE:AMT) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,825 shares of the real estate investment trust’s stock after selling 75 shares during the period. Tributary Capital Management LLC’s holdings in American Tower were worth $879,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Country Trust Bank boosted its position in American Tower by 289.3% during the fourth quarter. Country Trust Bank now owns 109 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 81 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the third quarter valued at approximately $25,000. Marquette Asset Management LLC acquired a new position in shares of American Tower during the third quarter valued at approximately $33,000. NewSquare Capital LLC raised its holdings in shares of American Tower by 192.3% during the second quarter. NewSquare Capital LLC now owns 152 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 100 shares during the last quarter. Finally, Allred Capital Management LLC acquired a new position in shares of American Tower during the fourth quarter valued at approximately $39,000. Institutional investors own 91.63% of the company’s stock.
In related news, EVP Steven O. Vondran sold 1,261 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $229.68, for a total value of $289,626.48. Following the completion of the sale, the executive vice president now owns 28,705 shares of the company’s stock, valued at $6,592,964.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the stock in a transaction that occurred 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. In the last ninety days, insiders sold 5,574 shares of company stock valued at $1,250,626. Insiders own 0.75% of the company’s stock.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $1.12 EPS for the quarter, beating the consensus estimate of $0.95 by $0.17. American Tower had a return on equity of 27.12% and a net margin of 20.58%. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter last year, the firm earned $1.85 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts predict that American Tower Corp will post 7.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Friday, December 27th were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 1.74%. The ex-dividend date was Thursday, December 26th. This is a boost from American Tower’s previous quarterly dividend of $0.95. American Tower’s dividend payout ratio (DPR) is currently 50.56%.
A number of equities analysts have commented on AMT shares. Morgan Stanley reissued a “hold” rating and set a $218.00 target price (up previously from $216.00) on shares of American Tower in a report on Friday, November 22nd. KeyCorp increased their target price on American Tower from $242.00 to $254.00 and gave the company an “overweight” rating in a report on Friday, January 10th. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Goldman Sachs Group raised American Tower from a “neutral” rating to a “buy” rating and increased their target price for the company from $204.00 to $270.00 in a report on Monday. Finally, Cowen increased their target price on American Tower from $238.00 to $260.00 and gave the company an “in-line” rating in a report on Friday, November 1st. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $224.36.
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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