Cabot Wealth Management Inc. Has $10.84 Million Stock Holdings in American Tower Co. (NYSE:AMT)

Cabot Wealth Management Inc. raised its stake in shares of American Tower Co. (NYSE:AMT) by 2.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 46,613 shares of the real estate investment trust’s stock after purchasing an additional 1,154 shares during the period. Cabot Wealth Management Inc.’s holdings in American Tower were worth $10,840,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of American Tower by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after purchasing an additional 965,938 shares during the period. Principal Financial Group Inc. grew its position in shares of American Tower by 36.2% during the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after purchasing an additional 2,336,501 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of American Tower by 41.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after purchasing an additional 1,885,421 shares in the last quarter. Clearbridge Investments LLC grew its position in American Tower by 8.9% in the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after acquiring an additional 302,676 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in American Tower by 16.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after acquiring an additional 464,429 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 3.5 %

Shares of NYSE AMT traded up $7.73 on Tuesday, reaching $229.43. 2,212,326 shares of the company’s stock traded hands, compared to its average volume of 2,289,197. American Tower Co. has a 12 month low of $157.25 and a 12 month high of $243.56. The business’s 50 day simple moving average is $228.48 and its two-hundred day simple moving average is $205.68. The company has a market cap of $107.14 billion, a price-to-earnings ratio of 51.88, a price-to-earnings-growth ratio of 1.00 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the business posted $2.46 EPS. American Tower’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts forecast that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

Analyst Ratings Changes

AMT has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Barclays upped their price target on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. BMO Capital Markets upped their price target on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Finally, Mizuho upped their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.21.

Insider Activity

In related news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 over the last 90 days. 0.18% of the stock is currently 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.