Townsquare Capital LLC decreased its holdings in shares of American Tower Corp (NYSE:AMT) by 36.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,489 shares of the real estate investment trust’s stock after selling 871 shares during the period. Townsquare Capital LLC’s holdings in American Tower were worth $381,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. grew its holdings in American Tower by 5.2% during the second quarter. BlackRock Inc. now owns 32,875,452 shares of the real estate investment trust’s stock valued at $8,499,618,000 after purchasing an additional 1,636,978 shares during the period. Cohen & Steers Inc. grew its holdings in American Tower by 10.6% during the first quarter. Cohen & Steers Inc. now owns 9,985,028 shares of the real estate investment trust’s stock valued at $2,174,240,000 after purchasing an additional 953,901 shares during the period. Edgewood Management LLC grew its holdings in American Tower by 1.6% during the first quarter. Edgewood Management LLC now owns 8,701,999 shares of the real estate investment trust’s stock valued at $1,894,860,000 after purchasing an additional 139,173 shares during the period. Capital International Investors grew its holdings in American Tower by 5.3% during the first quarter. Capital International Investors now owns 6,205,812 shares of the real estate investment trust’s stock valued at $1,351,322,000 after purchasing an additional 312,957 shares during the period. Finally, Deutsche Bank AG grew its holdings in American Tower by 7.3% during the first quarter. Deutsche Bank AG now owns 4,719,131 shares of the real estate investment trust’s stock valued at $1,027,589,000 after purchasing an additional 322,690 shares during the period. Hedge funds and other institutional investors own 90.60% of the company’s stock.
Shares of AMT stock traded up $4.71 during trading on Tuesday, reaching $258.61. The company’s stock had a trading volume of 4,473 shares, compared to its average volume of 2,054,992. The business has a fifty day moving average price of $252.79 and a 200-day moving average price of $246.63. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 5.38. The company has a market cap of $112.62 billion, a price-to-earnings ratio of 58.91, a price-to-earnings-growth ratio of 2.17 and a beta of 0.38. American Tower Corp has a one year low of $174.32 and a one year high of $272.20.
American Tower (NYSE:AMT) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $1.00 EPS for the quarter, missing the Zacks’ consensus estimate of $1.99 by ($0.99). The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.95 billion. American Tower had a return on equity of 39.62% and a net margin of 24.70%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.01 EPS. Research analysts anticipate that American Tower Corp will post 8 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Monday, September 28th will be given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Friday, September 25th. This is a positive change from American Tower’s previous quarterly dividend of $1.10. American Tower’s payout ratio is currently 56.92%.
In other American Tower news, EVP Olivier Puech sold 415 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $266.70, for a total transaction of $110,680.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Steven O. Vondran sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $248.44, for a total transaction of $372,660.00. Following the sale, the executive vice president now directly owns 23,724 shares in the company, valued at $5,893,990.56. The disclosure for this sale can be found here. In the last three months, insiders sold 8,715 shares of company stock worth $2,269,703. 0.65% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on AMT shares. Morgan Stanley boosted their price objective on shares of American Tower from $245.00 to $250.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Deutsche Bank began coverage on shares of American Tower in a report on Friday, June 5th. They set a “buy” rating and a $287.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of American Tower from $272.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price target on shares of American Tower in a research note on Friday, July 31st. Finally, Zacks Investment Research raised shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 price target on the stock in a research note on Monday, June 29th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $273.08.
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.
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