Putnam FL Investment Management Co. Reduces Position in American Tower Corp (NYSE:AMT)

Putnam FL Investment Management Co. cut its stake in shares of American Tower Corp (NYSE:AMT) by 13.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,020 shares of the real estate investment trust’s stock after selling 3,043 shares during the quarter. Putnam FL Investment Management Co.’s holdings in American Tower were worth $4,093,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Commerzbank Aktiengesellschaft FI boosted its holdings in American Tower by 136.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 34,931 shares of the real estate investment trust’s stock valued at $7,142,000 after purchasing an additional 20,167 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in American Tower by 5.3% in the second quarter. Commonwealth Equity Services LLC now owns 75,512 shares of the real estate investment trust’s stock valued at $15,438,000 after purchasing an additional 3,774 shares during the last quarter. Stock Yards Bank & Trust Co. boosted its holdings in American Tower by 0.8% in the second quarter. Stock Yards Bank & Trust Co. now owns 98,498 shares of the real estate investment trust’s stock valued at $20,138,000 after purchasing an additional 804 shares during the last quarter. Autus Asset Management LLC boosted its holdings in American Tower by 45.4% in the second quarter. Autus Asset Management LLC now owns 7,391 shares of the real estate investment trust’s stock valued at $1,511,000 after purchasing an additional 2,309 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its holdings in American Tower by 56.3% in the first quarter. Meridian Wealth Management LLC now owns 4,133 shares of the real estate investment trust’s stock valued at $814,000 after purchasing an additional 1,488 shares during the last quarter. 94.09% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director David E. Sharbutt sold 2,035 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $192.15, for a total transaction of $391,025.25. Following the completion of the transaction, the director now owns 1,897 shares in the company, valued at approximately $364,508.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James D. Taiclet, Jr. sold 57,438 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $211.89, for a total transaction of $12,170,537.82. Following the transaction, the chief executive officer now owns 255,414 shares of the company’s stock, valued at approximately $54,119,672.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 235,284 shares of company stock worth $48,312,017. Corporate insiders own 0.75% of the company’s stock.

Shares of AMT stock traded up $2.05 during mid-day trading on Tuesday, hitting $215.95. 49,307 shares of the stock were exchanged, compared to its average volume of 1,593,526. The stock’s fifty day moving average price is $209.51. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.49 and a current ratio of 0.49. American Tower Corp has a 52-week low of $140.40 and a 52-week high of $218.79. The company has a market capitalization of $95.24 billion, a P/E ratio of 27.02, a PEG ratio of 1.76 and a beta of 0.50.

American Tower (NYSE:AMT) last posted its earnings results on Wednesday, July 31st. The real estate investment trust reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.91). American Tower had a return on equity of 24.75% and a net margin of 19.30%. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the previous year, the company earned $1.74 earnings per share. The company’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Corp will post 7.63 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, June 19th were paid a dividend of $0.92 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.90. This represents a $3.68 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Tuesday, June 18th. American Tower’s dividend payout ratio is presently 46.06%.

Several equities research analysts have commented on the stock. UBS Group lowered shares of American Tower from a “buy” rating to a “neutral” rating and upped their price target for the company from $195.00 to $222.00 in a report on Friday, June 7th. Wells Fargo & Co lowered shares of American Tower from an “outperform” rating to a “market perform” rating and upped their price target for the company from $190.00 to $196.00 in a report on Monday, April 15th. They noted that the move was a valuation call. KeyCorp upped their price target on shares of American Tower from $207.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. SunTrust Banks upped their price target on shares of American Tower to $230.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada upped their price target on shares of American Tower from $195.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. American Tower presently has a consensus rating of “Hold” and a consensus price target of $193.38.

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

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