Capital International Investors boosted its holdings in American Tower Corp (NYSE:AMT) by 0.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,892,855 shares of the real estate investment trust’s stock after purchasing an additional 44,281 shares during the period. Capital International Investors’ holdings in American Tower were worth $1,354,296,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Wesbanco Bank Inc. lifted its holdings in shares of American Tower by 1.0% in the 4th quarter. Wesbanco Bank Inc. now owns 4,145 shares of the real estate investment trust’s stock worth $952,000 after buying an additional 40 shares during the period. Fiera Capital Corp increased its position in American Tower by 3.4% during the 4th quarter. Fiera Capital Corp now owns 1,301 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 43 shares during the period. Ballentine Partners LLC increased its position in American Tower by 1.5% during the 4th quarter. Ballentine Partners LLC now owns 3,074 shares of the real estate investment trust’s stock worth $707,000 after purchasing an additional 45 shares during the period. Gryphon Financial Partners LLC increased its position in American Tower by 0.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 10,231 shares of the real estate investment trust’s stock worth $2,351,000 after purchasing an additional 46 shares during the period. Finally, IHT Wealth Management LLC increased its position in American Tower by 1.6% during the 3rd quarter. IHT Wealth Management LLC now owns 3,012 shares of the real estate investment trust’s stock worth $666,000 after purchasing an additional 48 shares during the period. 92.24% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on AMT. Goldman Sachs Group upgraded American Tower from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $204.00 to $270.00 in a research report on Monday, January 13th. Citigroup upgraded American Tower from a “neutral” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, March 5th. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating in a research report on Thursday, March 12th. Edward Jones upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, KeyCorp boosted their target price on American Tower from $254.00 to $273.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $237.31.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.60). American Tower had a return on equity of 32.51% and a net margin of 24.90%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the company earned $0.62 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Corp will post 8.32 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 29th. Shareholders of record on Tuesday, April 14th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Monday, April 13th. This is a positive change from American Tower’s previous quarterly dividend of $1.01. American Tower’s dividend payout ratio is currently 52.26%.
In other news, Director Samme L. Thompson sold 3,000 shares of American Tower stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $227.56, for a total transaction of $682,680.00. Following the sale, the director now owns 22,598 shares of the company’s stock, valued at $5,142,400.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Olivier Puech sold 1,186 shares of American Tower stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $222.71, for a total value of $264,134.06. Following the sale, the executive vice president now directly owns 19,626 shares in the company, valued at approximately $4,370,906.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,144 shares of company stock valued at $2,332,308. Insiders own 0.75% of the company’s stock.
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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