American Tower Co. (NYSE:AMT) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its position in American Tower Co. (NYSE:AMT) by 33.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,800 shares of the real estate investment trust’s stock after selling 3,400 shares during the period. Cornerstone Advisors LLC’s holdings in American Tower were worth $1,322,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of American Tower by 1.6% in the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after buying an additional 965,938 shares during the last quarter. Cohen & Steers Inc. increased its position in American Tower by 3.7% during the fourth quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after purchasing an additional 583,892 shares during the last quarter. Wellington Management Group LLP increased its position in American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares during the last quarter. Principal Financial Group Inc. increased its position in American Tower by 36.2% during the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after purchasing an additional 2,336,501 shares during the last quarter. Finally, Akre Capital Management LLC increased its position in American Tower by 0.5% during the fourth quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock worth $1,468,977,000 after purchasing an additional 36,375 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. Mizuho upped their price target on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Royal Bank of Canada increased their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Scotiabank increased their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, Barclays dropped their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average target price of $233.29.

American Tower Stock Up 0.8 %

American Tower stock opened at $240.32 on Tuesday. The stock has a market cap of $112.25 billion, a price-to-earnings ratio of 54.37, a PEG ratio of 1.57 and a beta of 0.83. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The company’s 50-day moving average price is $221.93 and its two-hundred day moving average price is $201.52. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the business earned $2.46 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that American Tower Co. will post 10.18 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is currently 146.61%.

American Tower 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.