Cornerstone Wealth Group LLC increased its holdings in American Tower Corp (NYSE:AMT) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,284 shares of the real estate investment trust’s stock after purchasing an additional 498 shares during the period. Cornerstone Wealth Group LLC’s holdings in American Tower were worth $1,390,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of AMT. Northwest Investment Counselors LLC purchased a new position in American Tower in the 3rd quarter worth approximately $25,000. Nelson Roberts Investment Advisors LLC purchased a new stake in shares of American Tower during the 2nd quarter worth approximately $27,000. Next Capital Management LLC purchased a new stake in shares of American Tower during the 2nd quarter worth approximately $31,000. NewSquare Capital LLC raised its holdings in shares of American Tower by 192.3% during the 2nd quarter. NewSquare Capital LLC now owns 152 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 100 shares in the last quarter. Finally, CX Institutional raised its holdings in shares of American Tower by 54.9% during the 2nd quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 56 shares in the last quarter. 92.54% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on AMT shares. Morgan Stanley upped their price objective on American Tower from $201.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. SunTrust Banks upped their price objective on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Cowen upped their price objective on American Tower from $238.00 to $260.00 and gave the stock an “in-line” rating in a report on Friday, November 1st. Citigroup upped their price objective on American Tower from $236.00 to $240.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Finally, KeyCorp set a $242.00 price objective on American Tower and gave the stock a “buy” rating in a report on Friday, November 1st. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. American Tower has a consensus rating of “Hold” and an average price target of $215.79.
American Tower (NYSE:AMT) last released its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.17. American Tower had a return on equity of 27.12% and a net margin of 20.58%. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the firm posted $1.85 EPS. American Tower’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities analysts forecast that American Tower Corp will post 7.65 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Friday, September 27th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a yield of 1.85%. The ex-dividend date was Thursday, September 26th. This is a positive change from American Tower’s previous quarterly dividend of $0.92. American Tower’s dividend payout ratio is presently 47.56%.
In related news, Director Pamela D. A. Reeve sold 4,167 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $240.80, for a total transaction of $1,003,413.60. Following the sale, the director now owns 19,139 shares in the company, valued at approximately $4,608,671.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $206.78, for a total value of $206,780.00. The disclosure for this sale can be found here. Insiders have sold a total of 141,524 shares of company stock worth $31,726,127 in the last 90 days. 0.75% of the stock is currently owned by insiders.
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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