Cigna Investments Inc. New raised its holdings in shares of American Tower Corp (NYSE:AMT) by 6.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 12,556 shares of the real estate investment trust’s stock after acquiring an additional 806 shares during the period. Cigna Investments Inc. New’s holdings in American Tower were worth $2,735,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of AMT. Assenagon Asset Management S.A. purchased a new position in American Tower during the fourth quarter worth about $383,000. Capital Investment Advisors LLC boosted its holdings in shares of American Tower by 5.7% in the 4th quarter. Capital Investment Advisors LLC now owns 1,785 shares of the real estate investment trust’s stock worth $410,000 after purchasing an additional 97 shares in the last quarter. NEXT Financial Group Inc boosted its holdings in shares of American Tower by 14.8% in the 4th quarter. NEXT Financial Group Inc now owns 3,116 shares of the real estate investment trust’s stock worth $717,000 after purchasing an additional 402 shares in the last quarter. RFG Advisory LLC purchased a new position in shares of American Tower in the 4th quarter worth about $290,000. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of American Tower by 105.6% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,278 shares of the real estate investment trust’s stock worth $524,000 after purchasing an additional 1,170 shares in the last quarter. Institutional investors and hedge funds own 91.73% of the company’s stock.
AMT traded up $14.27 during midday trading on Friday, reaching $242.43. 2,812,237 shares of the company’s stock traded hands, compared to its average volume of 1,978,653. American Tower Corp has a 52 week low of $174.32 and a 52 week high of $260.43. The stock has a market capitalization of $101.14 billion, a price-to-earnings ratio of 56.78, a P/E/G ratio of 1.94 and a beta of 0.44. The firm has a fifty day moving average of $239.56 and a two-hundred day moving average of $229.48. The company has a debt-to-equity ratio of 6.91, a current ratio of 0.57 and a quick ratio of 0.57.
American Tower (NYSE:AMT) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.12). American Tower had a return on equity of 35.63% and a net margin of 24.55%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the company posted $1.84 EPS. The firm’s revenue was up 9.9% on a year-over-year basis. Sell-side analysts forecast that American Tower Corp will post 8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 19th will be given a $1.10 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This represents a $4.40 annualized dividend and a dividend yield of 1.81%. This is a positive change from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio is currently 55.89%.
A number of research firms have recently issued reports on AMT. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating in a report on Thursday, March 12th. Edward Jones upgraded American Tower from a “hold” rating to a “buy” rating in a report on Tuesday, March 24th. Credit Suisse Group began coverage on American Tower in a report on Tuesday, April 28th. They issued an “outperform” rating and a $308.00 price objective for the company. Wells Fargo & Co upped their price objective on American Tower from $265.00 to $272.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Oppenheimer upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 price objective for the company in a report on Friday. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $257.38.
In related news, Director David E. Sharbutt sold 2,200 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $243.60, for a total value of $535,920.00. Following the sale, the director now owns 4,097 shares in the company, valued at approximately $998,029.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven O. Vondran sold 1,229 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $205.81, for a total value of $252,940.49. Following the completion of the sale, the executive vice president now owns 27,469 shares in the company, valued at approximately $5,653,394.89. The disclosure for this sale can be found here. Insiders sold a total of 14,392 shares of company stock valued at $3,343,752 in the last three months. Corporate insiders own 0.65% of the company’s stock.
American Tower 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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