LPL Financial LLC lifted its holdings in American Tower Co. (REIT) (NYSE:AMT) by 15.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,370 shares of the real estate investment trust’s stock after acquiring an additional 19,873 shares during the quarter. LPL Financial LLC’s holdings in American Tower were worth $41,161,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Wagner Wealth Management LLC bought a new position in American Tower in the 1st quarter worth approximately $26,000. Harvest Fund Management Co. Ltd bought a new position in American Tower in the 2nd quarter worth approximately $34,000. Albion Financial Group UT bought a new position in American Tower in the 2nd quarter worth approximately $36,000. Sound Income Strategies LLC raised its position in American Tower by 116.4% in the 2nd quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 85 shares during the last quarter. Finally, KB Financial Partners LLC bought a new position in American Tower in the 1st quarter worth approximately $44,000. 89.57% of the stock is currently owned by institutional investors and hedge funds.
In other American Tower news, Director David E. Sharbutt sold 739 shares of the firm’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $300.71, for a total value of $222,224.69. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert D. Hormats sold 100 shares of the firm’s stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $283.11, for a total transaction of $28,311.00. The disclosure for this sale can be found here. Insiders have sold 939 shares of company stock worth $279,485 over the last ninety days. Insiders own 0.68% of the company’s stock.
American Tower (NYSE:AMT) last announced its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.62). American Tower had a return on equity of 44.60% and a net margin of 25.84%. Equities analysts anticipate that American Tower Co. will post 9.28 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th will be issued a dividend of $1.31 per share. The ex-dividend date of this dividend is Monday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 annualized dividend and a dividend yield of 1.98%. American Tower’s dividend payout ratio (DPR) is currently 62.09%.
Several analysts have commented on AMT shares. Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $250.00 to $295.00 and gave the company a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Citigroup cut shares of American Tower from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. Morgan Stanley upped their target price on shares of American Tower from $270.00 to $316.00 and gave the stock an “equal weight” rating in a research note on Friday, September 10th. They noted that the move was a valuation call. Oppenheimer lowered shares of American Tower from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $305.00 to $300.00 in a research note on Friday, September 10th. Finally, Credit Suisse Group upped their target price on shares of American Tower from $314.00 to $323.00 and gave the stock an “outperform” rating in a research note on Friday, July 30th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $298.29.
American Tower Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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