B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund increased its stake in American Tower Corp (NYSE:AMT) by 5.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,705 shares of the real estate investment trust’s stock after purchasing an additional 7,830 shares during the period. American Tower accounts for about 3.6% of B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s portfolio, making the stock its 7th largest position. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings in American Tower were worth $22,448,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Kaizen Advisory LLC lifted its stake in American Tower by 140.6% during the 2nd quarter. Kaizen Advisory LLC now owns 1,008 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 589 shares during the period. Valeo Financial Advisors LLC lifted its stake in American Tower by 75.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,029 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 441 shares during the period. RMR Advisors LLC acquired a new stake in American Tower during the 2nd quarter valued at approximately $173,000. Sun Life Financial INC lifted its stake in shares of American Tower by 311.3% in the 2nd quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock valued at $173,000 after purchasing an additional 906 shares during the period. Finally, Signaturefd LLC acquired a new position in shares of American Tower in the 1st quarter valued at $182,000. Institutional investors own 93.27% of the company’s stock.
In related news, Director David E. Sharbutt sold 1,321 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $150.48, for a total value of $198,784.08. Following the completion of the sale, the director now owns 4,781 shares of the company’s stock, valued at approximately $719,444.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman James D. Taiclet, Jr. sold 43,843 shares of the business’s stock in a transaction on Monday, July 9th. The stock was sold at an average price of $142.66, for a total transaction of $6,254,642.38. Following the completion of the sale, the chairman now directly owns 223,227 shares of the company’s stock, valued at approximately $31,845,563.82. The disclosure for this sale can be found here. In the last three months, insiders sold 124,124 shares of company stock valued at $18,269,268. 0.87% of the stock is owned by insiders.
AMT has been the subject of several analyst reports. Argus boosted their target price on shares of American Tower from $154.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, August 20th. Morgan Stanley boosted their target price on shares of American Tower from $154.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, August 16th. Raymond James cut shares of American Tower from an “outperform” rating to a “market perform” rating in a research note on Monday, July 9th. SunTrust Banks reiterated a “buy” rating and issued a $167.00 target price on shares of American Tower in a research note on Friday, July 20th. Finally, Guggenheim cut shares of American Tower from a “buy” rating to a “neutral” rating and set a $135.00 target price for the company. in a research note on Monday, July 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company. American Tower presently has a consensus rating of “Buy” and a consensus target price of $162.14.
NYSE AMT traded up $0.31 on Friday, hitting $144.75. The company had a trading volume of 1,625,938 shares, compared to its average volume of 2,185,950. The firm has a market cap of $64.05 billion, a PE ratio of 22.69, a PEG ratio of 1.55 and a beta of 0.80. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.66 and a current ratio of 0.66. American Tower Corp has a 12-month low of $130.37 and a 12-month high of $155.28.
American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the consensus estimate of $1.73 by ($1.04). The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.75 billion. American Tower had a return on equity of 16.72% and a net margin of 16.34%. American Tower’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.58 EPS. On average, equities analysts predict that American Tower Corp will post 7.1 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 17th. Investors of record on Friday, September 28th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Thursday, September 27th. This is a positive change from American Tower’s previous quarterly dividend of $0.77. American Tower’s payout ratio is presently 49.53%.
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 170,000 communications sites.
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