Orleans Capital Management Corp LA raised its holdings in American Tower Co. (REIT) (NYSE:AMT) by 2.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,800 shares of the real estate investment trust’s stock after acquiring an additional 180 shares during the period. American Tower comprises approximately 1.6% of Orleans Capital Management Corp LA’s holdings, making the stock its 26th biggest position. Orleans Capital Management Corp LA’s holdings in American Tower were worth $2,127,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of American Tower by 2.1% in the third quarter. BlackRock Inc. now owns 33,571,973 shares of the real estate investment trust’s stock worth $8,115,354,000 after purchasing an additional 696,521 shares during the last quarter. Wells Fargo & Company MN increased its position in American Tower by 10.8% during the 3rd quarter. Wells Fargo & Company MN now owns 4,879,716 shares of the real estate investment trust’s stock valued at $1,179,573,000 after purchasing an additional 476,541 shares during the period. Principal Financial Group Inc. boosted its stake in shares of American Tower by 9.1% in the 3rd quarter. Principal Financial Group Inc. now owns 3,973,274 shares of the real estate investment trust’s stock valued at $960,460,000 after purchasing an additional 329,912 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in American Tower by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 3,965,267 shares of the real estate investment trust’s stock valued at $1,025,181,000 after buying an additional 21,526 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in American Tower by 73.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,811,329 shares of the real estate investment trust’s stock valued at $985,381,000 after acquiring an additional 1,619,316 shares during the last quarter. 79.94% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Amit Sharma sold 18,440 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $258.94, for a total value of $4,774,853.60. Following the completion of the sale, the executive vice president now owns 231,689 shares in the company, valued at $59,993,549.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Steven O. Vondran sold 1,500 shares of the firm’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 transaction, 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. Insiders have sold 21,113 shares of company stock valued at $5,444,536 in the last quarter. 0.65% of the stock is currently owned by corporate insiders.
A number of research analysts have recently issued reports on AMT shares. Wells Fargo & Company dropped their price objective on American Tower from $290.00 to $285.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 16th. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $258.00 price target on the stock in a research note on Monday, October 19th. Deutsche Bank Aktiengesellschaft cut their price target on American Tower from $300.00 to $295.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Raymond James lowered their price objective on shares of American Tower from $276.00 to $258.00 and set an “outperform” rating for the company in a research note on Tuesday, November 3rd. Finally, Credit Suisse Group boosted their target price on shares of American Tower from $300.00 to $301.00 and gave the company an “outperform” rating in a research report on Tuesday, November 3rd. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. American Tower currently has a consensus rating of “Buy” and an average price target of $276.67.
Shares of NYSE:AMT traded down $3.59 during midday trading on Monday, hitting $230.50. 19,945 shares of the company’s stock were exchanged, compared to its average volume of 2,031,885. The company has a debt-to-equity ratio of 5.73, a current ratio of 1.35 and a quick ratio of 1.35. American Tower Co. has a 12 month low of $174.32 and a 12 month high of $272.20. The company has a market cap of $103.99 billion, a PE ratio of 55.34, a price-to-earnings-growth ratio of 1.80 and a beta of 0.31. The stock has a 50 day moving average price of $237.87 and a 200-day moving average price of $248.78.
American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, November 3rd. The real estate investment trust reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.06). The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.97 billion. American Tower had a return on equity of 42.42% and a net margin of 24.08%. During the same period in the prior year, the firm posted $1.93 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts anticipate that American Tower Co. will post 8.16 EPS for the current fiscal year.
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 181,000 communications sites.
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