Oakbrook Investments LLC reduced its position in American Tower Corp (NYSE:AMT) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,940 shares of the real estate investment trust’s stock after selling 250 shares during the quarter. Oakbrook Investments LLC’s holdings in American Tower were worth $3,141,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LPL Financial LLC increased its holdings in shares of American Tower by 1.3% in the third quarter. LPL Financial LLC now owns 47,464 shares of the real estate investment trust’s stock valued at $6,896,000 after purchasing an additional 631 shares during the period. Vident Investment Advisory LLC increased its holdings in shares of American Tower by 162.7% in the third quarter. Vident Investment Advisory LLC now owns 6,801 shares of the real estate investment trust’s stock valued at $988,000 after purchasing an additional 4,212 shares during the period. Mackenzie Financial Corp increased its holdings in shares of American Tower by 32.6% in the third quarter. Mackenzie Financial Corp now owns 6,031 shares of the real estate investment trust’s stock valued at $876,000 after purchasing an additional 1,484 shares during the period. AQR Capital Management LLC grew its holdings in American Tower by 0.8% during the third quarter. AQR Capital Management LLC now owns 834,396 shares of the real estate investment trust’s stock worth $121,238,000 after acquiring an additional 6,555 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in American Tower in the third quarter worth $2,601,000. 94.88% of the stock is owned by institutional investors.
In other American Tower news, EVP William H. Hess sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $186.97, for a total transaction of $3,739,400.00. Following the completion of the sale, the executive vice president now owns 92,231 shares in the company, valued at approximately $17,244,430.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Olivier Puech sold 1,169 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $188.18, for a total value of $219,982.42. Following the sale, the executive vice president now owns 19,147 shares of the company’s stock, valued at approximately $3,603,082.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 171,718 shares of company stock valued at $33,175,251. 0.75% of the stock is owned by insiders.
American Tower (NYSE:AMT) last posted its earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. American Tower had a return on equity of 22.61% and a net margin of 17.95%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts predict that American Tower Corp will post 7.51 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, April 11th were paid a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, April 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.84%. This is a positive change from American Tower’s previous quarterly dividend of $0.84. American Tower’s dividend payout ratio (DPR) is 45.06%.
Several research firms have issued reports on AMT. KeyCorp increased their price objective on American Tower from $170.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 12th. Royal Bank of Canada boosted their target price on American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday. SunTrust Banks boosted their target price on American Tower to $210.00 and gave the stock a “positive” rating in a research report on Monday, May 6th. Edward Jones lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Finally, Macquarie restated a “buy” rating and set a $210.00 price target on shares of American Tower in a research note on Thursday, February 28th. Twelve investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $180.44.
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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 171,000 communications sites.
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