Stokes Capital Advisors LLC boosted its position in American Tower Corp (NYSE:AMT) by 29.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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.
A number of other institutional investors and hedge funds have also recently bought and sold shares of AMT. Cribstone Capital Management LLC purchased a new stake in American Tower in the 2nd quarter valued at approximately $26,000. Rockbridge Investment Management LCC bought a new position in shares of American Tower during the 2nd quarter worth about $30,000. Cordasco Financial Network increased its holdings in shares of American Tower by 71.1% during the 3rd quarter. Cordasco Financial Network now owns 130 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 54 shares during the period. Modus Advisors LLC bought a new position in shares of American Tower during the 2nd quarter worth about $34,000. Finally, Watson Rebecca bought a new position in shares of American Tower during the 2nd quarter worth about $45,000. Institutional investors and hedge funds own 90.60% of the company’s stock.
In other American Tower news, EVP Amit Sharma sold 18,440 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $258.94, for a total transaction of $4,774,853.60. Following the sale, the executive vice president now directly owns 231,689 shares of the company’s stock, valued at $59,993,549.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Steven O. Vondran sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $248.44, for a total transaction of $372,660.00. Following the sale, the executive vice president now directly owns 23,724 shares in the company, valued at $5,893,990.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,525 shares of company stock worth $6,870,712. Insiders own 0.65% of the company’s stock.
AMT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft decreased their target price on shares of American Tower from $305.00 to $300.00 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. Wells Fargo & Company reduced their price target on shares of American Tower from $290.00 to $285.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 16th. KeyCorp lowered shares of American Tower from an “overweight” rating to a “sector weight” rating in a research report on Monday, July 13th. Zacks Investment Research upgraded shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 price target on the stock in a research report on Monday, June 29th. Finally, Oppenheimer initiated coverage on shares of American Tower in a research report on Tuesday, August 11th. They issued a “buy” rating and a $290.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $273.69.
AMT opened at $242.72 on Friday. 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 company has a market capitalization of $107.66 billion, a price-to-earnings ratio of 56.32, a P/E/G ratio of 2.08 and a beta of 0.37. The firm’s fifty day moving average price is $246.13 and its two-hundred day moving average price is $249.44. American Tower Corp has a 1 year low of $174.32 and a 1 year high of $272.20.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.99 by ($0.99). The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.95 billion. American Tower had a return on equity of 39.62% and a net margin of 24.70%. American Tower’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $2.01 earnings per share. As a group, equities analysts anticipate that American Tower Corp will post 8 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Monday, September 28th were issued a $1.14 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.10. This represents a $4.56 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, September 25th. American Tower’s payout ratio is 58.99%.
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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