Argent Trust Co lessened its holdings in American Tower Corp (NYSE:AMT) by 31.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,693 shares of the real estate investment trust’s stock after selling 1,234 shares during the quarter. Argent Trust Co’s holdings in American Tower were worth $388,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of AMT. Kaizen Advisory LLC raised its holdings 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 worth $145,000 after buying an additional 589 shares during the period. Valeo Financial Advisors LLC raised its holdings 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 worth $153,000 after buying an additional 441 shares during the period. RMR Advisors LLC acquired a new stake in American Tower during the 2nd quarter worth approximately $173,000. Sun Life Financial INC raised its holdings in American Tower by 311.3% during the 2nd quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 906 shares during the period. Finally, Fulton Bank N.A. acquired a new stake in American Tower during the 2nd quarter worth approximately $203,000. 93.27% of the stock is currently owned by institutional investors.
In other news, Director Pamela D. A. Reeve sold 7,152 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $148.92, for a total value of $1,065,075.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David E. Sharbutt sold 1,321 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $150.48, for a total transaction of $198,784.08. Following the sale, the director now directly owns 4,781 shares of the company’s stock, valued at approximately $719,444.88. The disclosure for this sale can be found here. In the last three months, insiders sold 80,281 shares of company stock valued at $12,014,625. 0.87% of the stock is currently owned by company insiders.
American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($1.04). The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.75 billion. American Tower had a return on equity of 16.72% and a net margin of 16.34%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $1.58 earnings per share. Research analysts anticipate that American Tower Corp will post 7.1 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Thursday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $0.77. American Tower’s payout ratio is presently 49.53%.
A number of research firms have recently issued reports on AMT. Raymond James downgraded shares of American Tower from an “outperform” rating to a “market perform” rating in a report on Monday, July 9th. Argus lifted their price objective on shares of American Tower from $154.00 to $165.00 and gave the company a “buy” rating in a report on Monday, August 20th. Zacks Investment Research downgraded shares of American Tower from a “hold” rating to a “sell” rating in a report on Friday, July 6th. Guggenheim restated a “hold” rating and set a $160.00 target price on shares of American Tower in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. downgraded shares of American Tower from an “overweight” rating to a “neutral” rating and set a $150.00 target price on the stock. in a report on Tuesday, July 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and a consensus price target of $162.14.
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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