RMB Capital Management LLC trimmed its holdings in American Tower Corp (NYSE:AMT) by 12.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 105,211 shares of the real estate investment trust’s stock after selling 14,283 shares during the period. American Tower makes up about 1.1% of RMB Capital Management LLC’s holdings, making the stock its 20th largest holding. RMB Capital Management LLC’s holdings in American Tower were worth $22,910,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. Sompo Japan Nipponkoa Asset Management CO. LTD. purchased a new position in American Tower in the first quarter worth approximately $1,870,000. Blair William & Co. IL grew its position in American Tower by 2.0% in the first quarter. Blair William & Co. IL now owns 626,669 shares of the real estate investment trust’s stock worth $136,457,000 after acquiring an additional 12,072 shares during the period. Sequoia Financial Advisors LLC grew its position in American Tower by 16.8% in the first quarter. Sequoia Financial Advisors LLC now owns 1,754 shares of the real estate investment trust’s stock worth $382,000 after acquiring an additional 252 shares during the period. MainStreet Investment Advisors LLC purchased a new position in American Tower in the first quarter worth approximately $742,000. Finally, Banco Santander S.A. grew its position in American Tower by 146.4% in the first quarter. Banco Santander S.A. now owns 14,050 shares of the real estate investment trust’s stock worth $3,059,000 after acquiring an additional 8,349 shares during the period. Institutional investors own 91.73% of the company’s stock.
American Tower stock traded up $14.27 during midday trading on Friday, reaching $242.43. The company’s stock had a trading volume of 2,812,237 shares, compared to its average volume of 1,978,653. American Tower Corp has a fifty-two week low of $174.32 and a fifty-two week high of $260.43. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 6.91. The company has a market cap of $101.14 billion, a P/E ratio of 56.78, a P/E/G ratio of 1.94 and a beta of 0.44. The business has a 50-day simple moving average of $239.56 and a 200-day simple moving average of $229.48.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the prior year, the business earned $1.84 earnings per share. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, equities analysts forecast that American Tower Corp will post 8 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Thursday, June 18th. This is a boost from American Tower’s previous quarterly dividend of $1.08. This represents a $4.40 dividend on an annualized basis and a yield of 1.81%. American Tower’s dividend payout ratio (DPR) is currently 55.89%.
In other news, EVP Olivier Puech sold 2,184 shares of American Tower stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $223.63, for a total transaction of $488,407.92. Following the sale, the executive vice president now owns 21,887 shares in the company, valued at $4,894,589.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven O. Vondran sold 1,229 shares of American Tower stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $205.81, for a total value of $252,940.49. Following 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. Over the last 90 days, insiders sold 14,392 shares of company stock worth $3,343,752. 0.65% of the stock is owned by insiders.
Several research analysts have recently commented on AMT shares. Credit Suisse Group started coverage on American Tower in a research report on Tuesday, April 28th. They set an “outperform” rating and a $308.00 price target for the company. Edward Jones upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Tuesday, March 24th. Morgan Stanley raised their price target on American Tower from $218.00 to $245.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Citigroup upgraded American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price target for the company in a research report on Thursday, March 5th. Finally, Raymond James upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price target for the company in a research report on Thursday, March 26th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. American Tower has a consensus rating of “Buy” and an average price target of $257.38.
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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