Covey Capital Advisors LLC Has $794,000 Position in American Tower Corporation (REIT) (NYSE:AMT)

Covey Capital Advisors LLC held its position in American Tower Corporation (REIT) (NYSE:AMT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,000 shares of the real estate investment trust’s stock at the close of the 2nd quarter. American Tower Corporation (REIT) makes up about 0.9% of Covey Capital Advisors LLC’s portfolio, making the stock its 24th biggest holding. Covey Capital Advisors LLC’s holdings in American Tower Corporation (REIT) were worth $794,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Alexandria Capital LLC increased its holdings in shares of American Tower Corporation (REIT) by 0.5% in the second quarter. Alexandria Capital LLC now owns 812 shares of the real estate investment trust’s stock valued at $107,000 after purchasing an additional 4 shares during the period. Cornerstone Advisors Inc. grew its holdings in American Tower Corporation (REIT) by 1.2% during the second quarter. Cornerstone Advisors Inc. now owns 1,235 shares of the real estate investment trust’s stock worth $163,000 after acquiring an additional 15 shares during the period. Baxter Bros Inc. grew its holdings in American Tower Corporation (REIT) by 0.4% during the second quarter. Baxter Bros Inc. now owns 3,470 shares of the real estate investment trust’s stock worth $459,000 after acquiring an additional 15 shares during the period. Guardian Life Insurance Co. of America grew its holdings in American Tower Corporation (REIT) by 1.2% during the first quarter. Guardian Life Insurance Co. of America now owns 1,650 shares of the real estate investment trust’s stock worth $201,000 after acquiring an additional 19 shares during the period. Finally, HL Financial Services LLC boosted its position in American Tower Corporation (REIT) by 0.5% during the second quarter. HL Financial Services LLC now owns 3,675 shares of the real estate investment trust’s stock worth $486,000 after purchasing an additional 19 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

AMT has been the topic of a number of recent analyst reports. Citigroup Inc. downgraded American Tower Corporation (REIT) to an “outperform” rating and set a $147.00 price target on the stock. in a research report on Monday, June 12th. Raymond James Financial, Inc. reiterated an “outperform” rating on shares of American Tower Corporation (REIT) in a research report on Monday, June 12th. BidaskClub downgraded American Tower Corporation (REIT) from a “buy” rating to a “hold” rating in a research report on Tuesday, June 13th. Zacks Investment Research downgraded American Tower Corporation (REIT) from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $150.00 target price on shares of American Tower Corporation (REIT) in a research report on Thursday, July 6th. Fourteen research analysts have rated the stock with a buy rating, American Tower Corporation (REIT) currently has a consensus rating of “Buy” and a consensus target price of $148.58.

Shares of American Tower Corporation (AMT) opened at 137.78 on Friday. American Tower Corporation has a 52 week low of $99.72 and a 52 week high of $148.71. The stock has a 50 day moving average price of $142.16 and a 200-day moving average price of $131.01. The firm has a market capitalization of $59.13 billion, a PE ratio of 55.11 and a beta of 0.70.

American Tower Corporation (REIT) (NYSE:AMT) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.75). American Tower Corporation (REIT) had a return on equity of 16.70% and a net margin of 18.58%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the firm posted $1.38 EPS. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. Equities analysts anticipate that American Tower Corporation will post $3.02 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 17th. Investors of record on Friday, September 29th will be paid a $0.66 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.64 dividend on an annualized basis and a yield of 1.92%. This is a boost from American Tower Corporation (REIT)’s previous quarterly dividend of $0.64. American Tower Corporation (REIT)’s payout ratio is presently 102.81%.

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In related news, Chairman James D. Taiclet, Jr. sold 34,000 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $145.89, for a total value of $4,960,260.00. Following the sale, the chairman now owns 304,707 shares of the company’s stock, valued at $44,453,704.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Amit Sharma sold 20,747 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $139.67, for a total transaction of $2,897,733.49. Following the completion of the transaction, the executive vice president now owns 101,605 shares in the company, valued at $14,191,170.35. The disclosure for this sale can be found here. In the last three months, insiders sold 80,295 shares of company stock worth $11,347,780. 0.86% of the stock is currently owned by insiders.

American Tower Corporation (REIT) Company Profile

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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

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