Summit Global Investments Grows Stake in American Tower Corp (NYSE:AMT)

Summit Global Investments raised its holdings in shares of American Tower Corp (NYSE:AMT) by 33.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 22,312 shares of the real estate investment trust’s stock after purchasing an additional 5,555 shares during the quarter. Summit Global Investments’ holdings in American Tower were worth $4,397,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AMT. Moors & Cabot Inc. purchased a new stake in shares of American Tower in the first quarter valued at about $456,000. State of Wisconsin Investment Board grew its holdings in shares of American Tower by 1.0% in the first quarter. State of Wisconsin Investment Board now owns 679,810 shares of the real estate investment trust’s stock valued at $133,963,000 after purchasing an additional 6,985 shares during the period. Cetera Investment Advisers grew its holdings in shares of American Tower by 14.7% in the fourth quarter. Cetera Investment Advisers now owns 2,312 shares of the real estate investment trust’s stock valued at $362,000 after purchasing an additional 296 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of American Tower by 12.4% in the first quarter. Nisa Investment Advisors LLC now owns 205,747 shares of the real estate investment trust’s stock valued at $40,545,000 after purchasing an additional 22,765 shares during the period. Finally, Coldstream Capital Management Inc. grew its holdings in shares of American Tower by 3.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 20,035 shares of the real estate investment trust’s stock valued at $3,169,000 after purchasing an additional 585 shares during the period. 94.33% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on AMT shares. Macquarie reaffirmed a “buy” rating and set a $210.00 target price on shares of American Tower in a research note on Thursday, February 28th. Citigroup increased their target price on shares of American Tower from $176.00 to $186.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Wells Fargo & Co increased their target price on shares of American Tower from $176.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, February 28th. CIBC reaffirmed a “market perform” rating on shares of American Tower in a research note on Thursday, February 28th. Finally, Royal Bank of Canada increased their target price on shares of American Tower from $173.00 to $195.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Thirteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. American Tower has an average rating of “Hold” and an average price target of $183.82.

In other news, EVP Amit Sharma sold 32,500 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $194.35, for a total transaction of $6,316,375.00. Following the sale, the executive vice president now owns 177,193 shares of the company’s stock, valued at $34,437,459.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David E. Sharbutt sold 2,035 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $192.15, for a total transaction of $391,025.25. Following the sale, the director now directly owns 1,897 shares in the company, valued at approximately $364,508.55. The disclosure for this sale can be found here. Insiders have sold 259,065 shares of company stock worth $51,423,854 in the last three months. Corporate insiders own 0.75% of the company’s stock.

Shares of AMT traded up $0.73 during mid-day trading on Friday, hitting $209.74. 27,334 shares of the company’s stock were exchanged, compared to its average volume of 1,692,563. The stock has a market capitalization of $93.49 billion, a PE ratio of 26.22, a P/E/G ratio of 1.73 and a beta of 0.54. American Tower Corp has a fifty-two week low of $136.50 and a fifty-two week high of $214.52. The company has a debt-to-equity ratio of 4.31, a quick ratio of 0.50 and a current ratio of 0.50.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.04. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.80 billion. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, sell-side analysts predict that American Tower Corp will post 7.52 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, June 19th will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Tuesday, June 18th. This is a boost from American Tower’s previous quarterly dividend of $0.90. American Tower’s dividend payout ratio is currently 45.06%.

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American Tower Company Profile

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 171,000 communications sites.

Further Reading: Margin

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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