American Tower Corp. (AMT) Shares Sold by Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado reduced its stake in American Tower Corp. (NYSE:AMT) by 3.0% during the second quarter, Holdings Channel reports. The firm owned 91,606 shares of the real estate investment trust’s stock after selling 2,788 shares during the period. Public Employees Retirement Association of Colorado’s holdings in American Tower Corp. were worth $10,407,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of AMT. Capital Analysts LLC boosted its position in American Tower Corp. by 158.1% in the second quarter. Capital Analysts LLC now owns 2,395 shares of the real estate investment trust’s stock valued at $143,000 after buying an additional 1,467 shares during the period. Financial Architects Inc boosted its position in American Tower Corp. by 15.5% in the second quarter. Financial Architects Inc now owns 1,289 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 173 shares during the period. Park National Corp OH acquired a new position in American Tower Corp. during the second quarter valued at $201,000. Schonfeld Strategic Advisors LLC acquired a new position in American Tower Corp. during the first quarter valued at $205,000. Finally, Boys Arnold & Co. Inc. acquired a new position in American Tower Corp. during the second quarter valued at $220,000. Hedge funds and other institutional investors own 94.23% of the company’s stock.
American Tower Corp. (NYSE:AMT) traded up 0.58% on Friday, reaching $113.35. The company’s stock had a trading volume of 2,254,770 shares. The company has a 50-day moving average price of $111.71 and a 200 day moving average price of $110.10. American Tower Corp. has a 12 month low of $83.07 and a 12 month high of $118.26. The company has a market cap of $48.23 billion, a P/E ratio of 70.36 and a beta of 0.62.
American Tower Corp. (NYSE:AMT) last issued its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by $0.03. American Tower Corp. had a return on equity of 11.73% and a net margin of 15.21%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm posted $1.26 earnings per share. The business’s revenue was up 22.8% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Corp. will post $5.70 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid 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 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Wednesday, September 28th. American Tower Corp.’s payout ratio is currently 136.65%.
Several research firms have weighed in on AMT. Argus lifted their target price on American Tower Corp. from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Jefferies Group lifted their target price on American Tower Corp. from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, July 29th. BTIG Research lifted their target price on American Tower Corp. to $140.00 in a research note on Tuesday, July 19th. They noted that the move was a valuation call. Citigroup Inc. lifted their target price on American Tower Corp. from $108.00 to $121.00 and gave the company a “buy” rating in a research note on Thursday, June 16th. Finally, Zacks Investment Research cut American Tower Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $120.84.
In other news, Chairman James D. Taiclet, Jr. sold 40,625 shares of American Tower Corp. 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carolyn Katz sold 10,000 shares of American Tower Corp. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $116.25, for a total value of $1,162,500.00. Following the transaction, the director now owns 16,584 shares of the company’s stock, valued at $1,927,890. The disclosure for this sale can be found here. Insiders own 0.95% of the company’s stock.
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.
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp. (NYSE:AMT).
Receive News & Ratings for American Tower Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower Corp. and related companies with MarketBeat.com's FREE daily email newsletter.