Oppenheimer Asset Management Inc. grew its holdings in American Tower Corp (NYSE:AMT) by 38.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,781 shares of the real estate investment trust’s stock after acquiring an additional 13,916 shares during the period. Oppenheimer Asset Management Inc.’s holdings in American Tower were worth $7,178,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Kaizen Advisory LLC raised its stake in shares of American Tower by 140.6% in the 2nd quarter. Kaizen Advisory LLC now owns 1,008 shares of the real estate investment trust’s stock valued at $145,000 after acquiring an additional 589 shares during the period. RMR Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter valued at $173,000. Sun Life Financial INC raised its stake in shares of American Tower by 311.3% in the 2nd quarter. Sun Life Financial INC now owns 1,197 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 906 shares during the period. Signaturefd LLC purchased a new position in shares of American Tower in the 1st quarter valued at $182,000. Finally, Centaurus Financial Inc. purchased a new position in shares of American Tower in the 1st quarter valued at $197,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. Raymond James downgraded shares of American Tower from an “outperform” rating to a “market perform” rating in a research note on Monday, July 9th. Morgan Stanley cut their target price on shares of American Tower from $157.00 to $154.00 and set an “overweight” rating on the stock in a research note on Thursday, May 31st. Zacks Investment Research downgraded shares of American Tower from a “hold” rating to a “sell” rating in a research note on Friday, July 6th. Argus raised their target price on shares of American Tower from $154.00 to $165.00 and gave the company a “buy” rating in a research note on Monday, August 20th. Finally, Guggenheim reissued a “hold” rating and issued a $160.00 target price on shares of American Tower in a research note on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $161.63.
AMT opened at $150.45 on Thursday. The firm has a market cap of $65.41 billion, a P/E ratio of 23.58, a PEG ratio of 1.58 and a beta of 0.83. American Tower Corp has a twelve month low of $130.37 and a twelve month high of $155.28. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 2.99.
American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($1.04). The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.75 billion. American Tower had a net margin of 16.34% and a return on equity of 16.72%. American Tower’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.58 earnings per share. equities analysts forecast that American Tower Corp will post 7.1 earnings per share for the current year.
In other American Tower news, EVP Edmund Disanto sold 15,000 shares of the firm’s stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $149.53, for a total transaction of $2,242,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pamela D. A. Reeve sold 7,152 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $148.92, for a total transaction of $1,065,075.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 154,967 shares of company stock valued at $22,451,797. Company insiders own 0.87% of the company’s stock.
American Tower Profile
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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