Heritage Wealth Management LLC Buys 286 Shares of American Tower Co. (REIT) (NYSE:AMT)

Heritage Wealth Management LLC raised its stake in shares of American Tower Co. (REIT) (NYSE:AMT) by 4.8% during the 2nd quarter, Holdings Channel reports. The fund owned 6,296 shares of the real estate investment trust’s stock after purchasing an additional 286 shares during the period. American Tower comprises approximately 0.6% of Heritage Wealth Management LLC’s holdings, making the stock its 26th largest position. Heritage Wealth Management LLC’s holdings in American Tower were worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. boosted its position in American Tower by 0.6% during the 1st quarter. BlackRock Inc. now owns 34,556,593 shares of the real estate investment trust’s stock valued at $8,261,099,000 after acquiring an additional 208,020 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of American Tower by 6.3% in the 1st quarter. Cohen & Steers Inc. now owns 8,164,876 shares of the real estate investment trust’s stock worth $1,951,846,000 after purchasing an additional 487,466 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of American Tower by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 8,038,728 shares of the real estate investment trust’s stock worth $1,917,477,000 after purchasing an additional 147,445 shares in the last quarter. Northern Trust Corp boosted its position in shares of American Tower by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,775,520 shares of the real estate investment trust’s stock worth $1,619,757,000 after purchasing an additional 54,375 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of American Tower by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,206,796 shares of the real estate investment trust’s stock worth $1,483,787,000 after purchasing an additional 91,490 shares in the last quarter. 89.57% of the stock is currently owned by institutional investors and hedge funds.

In other American Tower news, Director David E. Sharbutt sold 739 shares of the business’s stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $300.71, for a total transaction of $222,224.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert D. Hormats sold 100 shares of the stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $272.87, for a total value of $27,287.00. Following the completion of the sale, the director now directly owns 6,640 shares of the company’s stock, valued at approximately $1,811,856.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,085 shares of company stock valued at $2,552,330. 0.68% of the stock is owned by company insiders.

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on American Tower from $280.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, July 16th. Argus raised their price objective on American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, August 12th. KeyCorp raised their price objective on American Tower from $285.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, July 19th. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Finally, Oppenheimer cut American Tower from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $305.00 to $300.00 in a research report on Friday, September 10th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $298.29.

Shares of NYSE AMT traded up $1.94 during trading on Tuesday, reaching $293.13. 32,740 shares of the company traded hands, compared to its average volume of 1,856,707. The firm’s fifty day simple moving average is $287.57 and its 200 day simple moving average is $263.00. The stock has a market cap of $133.42 billion, a P/E ratio of 58.71, a PEG ratio of 2.07 and a beta of 0.24. American Tower Co. has a 12-month low of $197.50 and a 12-month high of $303.72. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 4.83.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. As a group, research analysts expect that American Tower Co. will post 9.28 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Tuesday, September 28th will be paid a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, September 27th. This is a positive change from American Tower’s previous quarterly dividend of $1.27. American Tower’s payout ratio is currently 60.19%.

American Tower Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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

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