Prospera Financial Services Inc increased its position in American Tower Corp. (NYSE:AMT) by 6.8% during the second quarter, Holdings Channel reports. The firm owned 3,940 shares of the real estate investment trust’s stock after buying an additional 251 shares during the period. Prospera Financial Services Inc’s holdings in American Tower Corp. were worth $448,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in American Tower Corp. by 24.8% in the first quarter. Wellington Management Group LLP now owns 15,233,890 shares of the real estate investment trust’s stock valued at $1,559,493,000 after buying an additional 3,026,114 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in American Tower Corp. during the first quarter worth approximately $25,720,000. Westwood Management Corp IL purchased a new position in American Tower Corp. during the second quarter worth approximately $28,454,000. Adage Capital Partners GP L.L.C. raised its position in American Tower Corp. by 36.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 860,813 shares of the real estate investment trust’s stock worth $88,121,000 after buying an additional 228,211 shares during the period. Finally, Douglas Lane & Associates LLC purchased a new position in American Tower Corp. during the first quarter worth approximately $19,734,000. Institutional investors and hedge funds own 94.23% of the company’s stock.

Shares of American Tower Corp. (NYSE:AMT) traded up 1.98% on Thursday, reaching $112.28. 2,059,445 shares of the company’s stock were exchanged. The company’s 50 day moving average is $113.50 and its 200-day moving average is $108.81. The stock has a market cap of $47.77 billion, a price-to-earnings ratio of 69.70 and a beta of 0.57. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26.

American Tower Corp. (NYSE:AMT) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by $0.03. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.26 earnings per share. On average, analysts anticipate that American Tower Corp. will post $5.70 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be given a dividend of $0.55 per share. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Wednesday, September 28th. American Tower Corp.’s dividend payout ratio is currently 131.68%.

A number of equities analysts have recently commented on the stock. Argus raised their price objective on shares of American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 17th. Jefferies Group raised their price objective on shares of American Tower Corp. from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, July 29th. BTIG Research raised their price objective on shares of American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Citigroup Inc. raised their price objective on shares of American Tower Corp. from $108.00 to $121.00 and gave the company a “buy” rating in a research report on Thursday, June 16th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $117.00 price objective on shares of American Tower Corp. in a research report on Tuesday, May 31st. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. American Tower Corp. currently has a consensus rating of “Buy” and a consensus price target of $120.59.

In other news, Chairman James D. Taiclet, Jr. sold 40,625 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the completion of the transaction, the chairman now directly owns 226,517 shares in the company, valued at approximately $24,645,049.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edmund Disanto sold 21,087 shares of the stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $116.71, for a total value of $2,461,063.77. Following the transaction, the executive vice president now owns 140,749 shares of the company’s stock, valued at $16,426,815.79. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.

American Tower Corp. Company Profile

American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.

5 Day Chart for NYSE:AMT

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