Cullinan Associates Inc. cut its position in American Tower Corp (NYSE:AMT) by 0.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,010 shares of the real estate investment trust’s stock after selling 195 shares during the quarter. Cullinan Associates Inc.’s holdings in American Tower were worth $7,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Moody National Bank Trust Division purchased a new stake in American Tower in the 4th quarter worth approximately $44,000. Mount Yale Investment Advisors LLC lifted its stake in American Tower by 354.4% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock worth $104,000 after purchasing an additional 560 shares in the last quarter. TLP Group LLC purchased a new stake in American Tower in the 3rd quarter worth approximately $113,000. Point72 Hong Kong Ltd purchased a new stake in American Tower in the 3rd quarter worth approximately $142,000. Finally, Ancora Advisors LLC purchased a new stake in American Tower in the 3rd quarter worth approximately $157,000. Institutional investors and hedge funds own 93.15% of the company’s stock.
AMT has been the topic of several research reports. Barclays raised their price objective on shares of American Tower from $156.00 to $164.00 and gave the company an “overweight” rating in a research report on Wednesday, October 31st. Citigroup cut shares of American Tower from a “buy” rating to a “neutral” rating and raised their price objective for the company from $161.00 to $176.00 in a research report on Wednesday, October 31st. Bank of America set a $172.00 price objective on shares of American Tower and gave the company a “buy” rating in a research report on Wednesday, October 31st. Wells Fargo & Co raised their price objective on shares of American Tower from $173.00 to $176.00 and gave the company an “outperform” rating in a research report on Friday, November 16th. Finally, KeyCorp raised their price objective on shares of American Tower from $165.00 to $170.00 and gave the company an “overweight” rating in a research report on Wednesday, October 31st. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $166.33.
In other American Tower news, SVP Robert Joseph Meyer, Jr. sold 44,959 shares of the firm’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $156.43, for a total value of $7,032,936.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edmund Disanto sold 10,463 shares of the firm’s stock in a transaction on Friday, December 7th. The stock was sold at an average price of $167.04, for a total transaction of $1,747,739.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 370,823 shares of company stock worth $59,320,913. 0.87% of the stock is owned by corporate insiders.
NYSE:AMT traded down $0.51 during trading hours on Friday, reaching $161.35. The company’s stock had a trading volume of 82,736 shares, compared to its average volume of 2,042,326. The stock has a market cap of $70.34 billion, a PE ratio of 25.26, a PEG ratio of 1.52 and a beta of 0.60. American Tower Corp has a 1 year low of $130.37 and a 1 year high of $168.58. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 3.11.
American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.76 billion. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS. Sell-side analysts anticipate that American Tower Corp will post 7.58 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Thursday, December 27th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Wednesday, December 26th. This is a boost from American Tower’s previous quarterly dividend of $0.79. American Tower’s dividend payout ratio (DPR) is presently 52.66%.
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 over 170,000 communications sites.
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