1832 Asset Management L.P. Continues to Hold Stake in American Tower Corp. (AMT)
1832 Asset Management L.P. held its position in American Tower Corp. (NYSE:AMT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 271,000 shares of the real estate investment trust’s stock at the end of the second quarter. 1832 Asset Management L.P. owned approximately 0.06% of American Tower Corp. worth $30,992,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AMT. Prudential Financial Inc. raised its position in American Tower Corp. by 93.7% in the second quarter. Prudential Financial Inc. now owns 1,031,386 shares of the real estate investment trust’s stock worth $117,176,000 after buying an additional 498,810 shares during the period. Vanguard Group Inc. raised its position in American Tower Corp. by 1.7% in the second quarter. Vanguard Group Inc. now owns 25,767,548 shares of the real estate investment trust’s stock worth $2,927,451,000 after buying an additional 441,783 shares during the period. Cantillon Capital Management LLC raised its position in American Tower Corp. by 50.6% in the second quarter. Cantillon Capital Management LLC now owns 1,138,260 shares of the real estate investment trust’s stock worth $129,318,000 after buying an additional 382,360 shares during the period. Eaton Vance Management raised its position in American Tower Corp. by 126.7% in the second quarter. Eaton Vance Management now owns 548,167 shares of the real estate investment trust’s stock worth $62,277,000 after buying an additional 306,345 shares during the period. Finally, Westwood Management Corp IL bought a new position in American Tower Corp. during the second quarter worth $28,454,000. 94.34% of the stock is owned by institutional investors.
American Tower Corp. (NYSE:AMT) remained flat at $105.71 during midday trading on Friday. 4,281,823 shares of the stock were exchanged. American Tower Corp. has a 12-month low of $83.07 and a 12-month high of $118.26. The firm has a market capitalization of $45.00 billion, a PE ratio of 52.91 and a beta of 0.69. The stock has a 50 day moving average price of $112.73 and a 200 day moving average price of $111.51.
American Tower Corp. (NYSE:AMT) last posted its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.03. The firm earned $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. American Tower Corp. had a net margin of 17.37% and a return on equity of 14.05%. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company posted $1.31 EPS. On average, equities analysts anticipate that American Tower Corp. will post $5.71 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Friday, September 30th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio (DPR) is presently 111.11%.
Several analysts have commented on AMT shares. Zacks Investment Research upgraded American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 target price on the stock in a research note on Wednesday, September 28th. Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a research note on Monday, August 29th. Stifel Nicolaus increased their target price on American Tower Corp. from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, October 31st. Citigroup Inc. cut their target price on American Tower Corp. from $134.00 to $133.00 and set a “buy” rating on the stock in a research note on Wednesday, August 10th. Finally, Argus increased their target price on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. American Tower Corp. has an average rating of “Buy” and a consensus price target of $123.88.
In related news, Chairman James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the completion of the transaction, the chairman now owns 226,517 shares of the company’s stock, valued at approximately $24,645,049.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carolyn Katz sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $116.34, for a total transaction of $581,700.00. Following the transaction, the director now directly owns 14,484 shares of the company’s stock, valued at approximately $1,685,068.56. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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