Bahl & Gaynor Inc. cut its holdings in shares of American Tower Corp (NYSE:AMT) by 32.5% in the third quarter, HoldingsChannel.com reports. The fund owned 66,977 shares of the real estate investment trust’s stock after selling 32,238 shares during the quarter. Bahl & Gaynor Inc.’s holdings in American Tower were worth $9,732,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMT. American International Group Inc. raised its stake in shares of American Tower by 4.3% during the 3rd quarter. American International Group Inc. now owns 211,106 shares of the real estate investment trust’s stock worth $30,674,000 after purchasing an additional 8,762 shares in the last quarter. BlackRock Inc. raised its stake in shares of American Tower by 1.5% during the 3rd quarter. BlackRock Inc. now owns 29,811,319 shares of the real estate investment trust’s stock worth $4,331,586,000 after purchasing an additional 448,362 shares in the last quarter. CI Investments Inc. raised its stake in shares of American Tower by 9.3% during the 3rd quarter. CI Investments Inc. now owns 172,954 shares of the real estate investment trust’s stock worth $25,130,000 after purchasing an additional 14,754 shares in the last quarter. AustralianSuper Pty Ltd raised its stake in shares of American Tower by 11.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 1,210,000 shares of the real estate investment trust’s stock worth $175,813,000 after purchasing an additional 128,000 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its stake in shares of American Tower by 2.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 66,458 shares of the real estate investment trust’s stock worth $9,657,000 after purchasing an additional 1,391 shares in the last quarter. Hedge funds and other institutional investors own 92.94% of the company’s stock.

AMT has been the subject of a number of recent research reports. Argus raised their price target on American Tower from $154.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, August 20th. Morgan Stanley raised their price target on American Tower from $154.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, August 16th. ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Finally, KeyCorp raised their price target on American Tower from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 31st. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $165.40.

Shares of AMT stock opened at $160.31 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 3.11. American Tower Corp has a twelve month low of $130.37 and a twelve month high of $167.09. The company has a market capitalization of $73.22 billion, a P/E ratio of 25.13, a P/E/G ratio of 1.60 and a beta of 0.59.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.02. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the business earned $1.73 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, research analysts forecast that American Tower Corp will post 7.58 EPS for the current year.

In related news, insider Steven C. Marshall sold 163,166 shares of the firm’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $156.86, for a total value of $25,594,218.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas A. Bartlett sold 93,338 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $165.00, for a total value of $15,400,770.00. Following the completion of the transaction, the chief financial officer now directly owns 133,660 shares in the company, valued at $22,053,900. The disclosure for this sale can be found here. Insiders sold a total of 340,613 shares of company stock worth $54,127,476 over the last three months. 0.87% of the stock is owned by company insiders.

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About American Tower

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 170,000 communications sites.

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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).

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

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