Stokes Capital Advisors LLC increased its stake in shares of American Tower Corp (NYSE:AMT) by 29.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,269 shares of the real estate investment trust’s stock after purchasing an additional 1,654 shares during the quarter. Stokes Capital Advisors LLC’s holdings in American Tower were worth $1,757,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cribstone Capital Management LLC purchased a new position in American Tower during the 2nd quarter valued at $26,000. Rockbridge Investment Management LCC purchased a new position in American Tower during the 2nd quarter valued at $30,000. Cordasco Financial Network boosted its holdings in American Tower by 71.1% during the 3rd quarter. Cordasco Financial Network now owns 130 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 54 shares during the period. Modus Advisors LLC purchased a new position in American Tower during the 2nd quarter valued at $34,000. Finally, Watson Rebecca purchased a new position in American Tower during the 2nd quarter valued at $45,000. 90.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:AMT opened at $242.72 on Friday. The business’s 50-day moving average is $246.13 and its 200 day moving average is $249.44. American Tower Corp has a 1 year low of $174.32 and a 1 year high of $272.20. The firm has a market capitalization of $107.66 billion, a P/E ratio of 56.32, a P/E/G ratio of 2.08 and a beta of 0.37. The company has a debt-to-equity ratio of 5.38, a current ratio of 0.68 and a quick ratio of 0.68.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Monday, September 28th were given a dividend of $1.14 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.10. This represents a $4.56 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Friday, September 25th. American Tower’s dividend payout ratio is currently 58.99%.
A number of equities analysts recently issued reports on AMT shares. Deutsche Bank Aktiengesellschaft dropped their price objective on American Tower from $305.00 to $300.00 and set a “buy” rating for the company in a report on Tuesday, October 6th. Barclays initiated coverage on American Tower in a report on Wednesday, July 15th. They issued an “overweight” rating and a $296.00 target price for the company. Zacks Investment Research upgraded American Tower from a “sell” rating to a “hold” rating and set a $273.00 target price for the company in a report on Monday, June 29th. Oppenheimer initiated coverage on American Tower in a report on Tuesday, August 11th. They issued a “buy” rating and a $290.00 target price for the company. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $300.00 target price on shares of American Tower in a report on Friday, July 31st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. American Tower presently has an average rating of “Buy” and a consensus target price of $273.69.
In other news, EVP Steven O. Vondran sold 1,500 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $248.44, for a total value of $372,660.00. Following the transaction, the executive vice president now directly owns 23,724 shares of the company’s stock, valued at $5,893,990.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 4,078 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $265.00, for a total value of $1,080,670.00. Following the completion of the transaction, the executive vice president now directly owns 21,663 shares in the company, valued at $5,740,695. The disclosure for this sale can be found here. Insiders have sold a total of 26,525 shares of company stock worth $6,870,712 over the last ninety days. 0.65% of the stock is currently owned by corporate 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.
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