Azimuth Capital Management LLC trimmed its stake in American Tower Corp (NYSE:AMT) by 2.3% in the second quarter, HoldingsChannel reports. The firm owned 31,394 shares of the real estate investment trust’s stock after selling 741 shares during the quarter. Azimuth Capital Management LLC’s holdings in American Tower were worth $4,526,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of AMT. BlackRock Inc. lifted its position in shares of American Tower by 8.9% in the second quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock worth $4,233,258,000 after purchasing an additional 2,410,425 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of American Tower by 50.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,318,298 shares of the real estate investment trust’s stock worth $772,961,000 after purchasing an additional 1,782,280 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of American Tower in the second quarter worth approximately $155,992,000. Atlanta Capital Management Co. L L C lifted its position in shares of American Tower by 320.1% in the first quarter. Atlanta Capital Management Co. L L C now owns 726,943 shares of the real estate investment trust’s stock worth $105,654,000 after purchasing an additional 553,893 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in American Tower by 55.8% in the first quarter. Millennium Management LLC now owns 1,229,304 shares of the real estate investment trust’s stock worth $178,667,000 after buying an additional 440,299 shares during the last quarter. 93.29% of the stock is owned by institutional investors and hedge funds.
In other American Tower news, Director Pamela D. A. Reeve sold 7,152 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 43,843 shares of the stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $138.92, for a total value of $6,090,669.56. Following the transaction, the chairman now owns 223,227 shares in the company, valued at approximately $31,010,694.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 154,967 shares of company stock worth $22,451,797. Corporate insiders own 0.87% of the company’s stock.
Shares of AMT stock opened at $150.45 on Thursday. American Tower Corp has a 12 month low of $130.37 and a 12 month high of $155.28. The company has a debt-to-equity ratio of 2.99, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $65.27 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 1.58 and a beta of 0.83.
American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing the consensus estimate of $1.73 by ($1.04). American Tower had a net margin of 16.34% and a return on equity of 16.72%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the business earned $1.58 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. sell-side analysts anticipate that American Tower Corp will post 7.1 earnings per share for the current fiscal year.
A number of equities analysts recently commented on the company. Raymond James downgraded American Tower from an “outperform” rating to a “market perform” rating in a report on Monday, July 9th. Morgan Stanley dropped their price objective on American Tower from $157.00 to $154.00 and set an “overweight” rating on the stock in a report on Thursday, May 31st. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a report on Friday, July 6th. Argus increased their price objective on American Tower from $154.00 to $165.00 and gave the stock a “buy” rating in a report on Monday, August 20th. Finally, Guggenheim restated a “hold” rating and issued a $160.00 price objective on shares of American Tower in a report on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $161.63.
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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