Abbrea Capital LLC increased its holdings in American Tower Co. (NYSE:AMT – Get Rating) by 97.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,385 shares of the real estate investment trust’s stock after purchasing an additional 2,159 shares during the period. Abbrea Capital LLC’s holdings in American Tower were worth $1,289,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Liontrust Investment Partners LLP purchased a new position in American Tower in the third quarter worth about $240,259,000. Morgan Stanley lifted its position in shares of American Tower by 26.7% during the 2nd quarter. Morgan Stanley now owns 4,272,674 shares of the real estate investment trust’s stock valued at $1,154,222,000 after buying an additional 900,101 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of American Tower by 1,487.1% during the 4th quarter. Daiwa Securities Group Inc. now owns 516,312 shares of the real estate investment trust’s stock valued at $151,021,000 after buying an additional 483,781 shares in the last quarter. Invesco Ltd. lifted its position in shares of American Tower by 11.2% during the 3rd quarter. Invesco Ltd. now owns 3,986,934 shares of the real estate investment trust’s stock valued at $1,058,173,000 after buying an additional 402,767 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of American Tower by 130.1% during the 3rd quarter. Nordea Investment Management AB now owns 696,378 shares of the real estate investment trust’s stock valued at $188,412,000 after buying an additional 393,767 shares in the last quarter. Institutional investors own 89.98% of the company’s stock.
A number of research firms have recently weighed in on AMT. Cowen lowered their price objective on American Tower from $350.00 to $325.00 in a research report on Friday, February 25th. The Goldman Sachs Group downgraded American Tower from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $298.00 to $281.00 in a research note on Tuesday, January 11th. Barclays reduced their price objective on American Tower from €295.00 ($320.65) to €284.00 ($308.70) in a research note on Friday, March 18th. TheStreet downgraded American Tower from a “b” rating to a “c+” rating in a research note on Thursday, February 24th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on American Tower from $288.00 to $260.00 and set a “hold” rating on the stock in a research report on Monday, February 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $288.29.
American Tower (NYSE:AMT – Get Rating) last released its quarterly earnings data on Wednesday, February 23rd. The real estate investment trust reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.16). American Tower had a net margin of 27.44% and a return on equity of 34.57%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the previous year, the business earned $2.07 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. Analysts expect that American Tower Co. will post 9.69 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 29th. Shareholders of record on Wednesday, April 13th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Tuesday, April 12th. This is a boost from American Tower’s previous quarterly dividend of $1.39. American Tower’s dividend payout ratio is 98.77%.
In other American Tower news, Director Samme L. Thompson sold 1,590 shares of the stock in a transaction on Friday, February 4th. The stock was sold at an average price of $248.16, for a total transaction of $394,574.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.68% of the stock is currently owned by corporate insiders.
American Tower Company Profile (Get Rating)
American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the ÂEarnings MaterialsÂ and ÂInvestor PresentationsÂ sections of our investor relations website at www.americantower.com.
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