Greenleaf Trust Purchases Shares of 43,316 American Tower Corp. (AMT)
Greenleaf Trust acquired a new position in American Tower Corp. (NYSE:AMT) during the second quarter, Holdings Channel reports. The firm acquired 43,316 shares of the real estate investment trust’s stock, valued at approximately $4,921,000.
Several other hedge funds also recently bought and sold shares of AMT. Wellington Management Group LLP raised its stake 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 worth $1,559,493,000 after buying an additional 3,026,114 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in American Tower Corp. during the first quarter worth $25,720,000. Westwood Management Corp IL bought a new stake in American Tower Corp. during the second quarter worth $28,454,000. Standard Life Investments LTD raised its stake in American Tower Corp. by 5.6% in the second quarter. Standard Life Investments LTD now owns 4,467,595 shares of the real estate investment trust’s stock worth $507,519,000 after buying an additional 238,684 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake 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 in the last quarter. 94.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of American Tower Corp. (NYSE:AMT) traded up 0.96% during midday trading on Thursday, reaching $108.47. 2,450,025 shares of the company were exchanged. The company’s 50-day moving average price is $112.49 and its 200 day moving average price is $109.82. The stock has a market capitalization of $46.15 billion, a price-to-earnings ratio of 67.33 and a beta of 0.62. American Tower Corp. has a 52-week low of $83.07 and a 52-week high of $118.26.
American Tower Corp. (NYSE:AMT) last released its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. The company earned $1.44 billion during the quarter, compared to the consensus estimate of $1.44 billion. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. American Tower Corp.’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.26 EPS. On average, equities analysts predict that American Tower Corp. will post $5.70 earnings per share for the current year.
The business 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 $0.55 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.20 annualized dividend and a dividend yield of 2.05%. This is an increase from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s payout ratio is presently 136.65%.
AMT has been the topic of a number of recent research reports. Jefferies Group reaffirmed a “buy” rating on shares of American Tower Corp. in a research report on Monday, August 29th. Citigroup Inc. cut their price objective on American Tower Corp. from $134.00 to $133.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. BTIG Research upped their price objective on American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Zacks Investment Research raised American Tower Corp. from a “hold” rating to a “strong-buy” rating and set a $129.00 target price on the stock in a report on Wednesday, September 28th. Finally, SunTrust Banks Inc. began coverage on American Tower Corp. in a report on Monday, September 12th. They issued a “buy” rating and a $128.00 target price on the stock. One investment analyst has rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. American Tower Corp. has an average rating of “Buy” and an average price target of $120.99.
In related news, Chairman James D. Taiclet, Jr. sold 40,625 shares of the business’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $108.80, for a total transaction of $4,420,000.00. Following the completion of the sale, the chairman now owns 226,517 shares of the company’s stock, valued at approximately $24,645,049.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Carolyn Katz sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $116.34, for a total transaction of $581,700.00. Following the sale, the director now directly owns 14,484 shares of the company’s stock, valued at approximately $1,685,068.56. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by insiders.
About American Tower Corp.
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.
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