Cornerstone Wealth Management LLC Has $307,000 Position in American Tower Corp (AMT)

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Cornerstone Wealth Management LLC lessened its stake in shares of American Tower Corp (NYSE:AMT) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,348 shares of the real estate investment trust’s stock after selling 1,632 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in American Tower were worth $307,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of American Tower by 8.9% during the 2nd quarter. BlackRock Inc. now owns 29,362,957 shares of the real estate investment trust’s stock worth $4,233,258,000 after buying an additional 2,410,425 shares during the period. Edgewood Management LLC lifted its position in shares of American Tower by 2.3% during the 2nd quarter. Edgewood Management LLC now owns 6,827,640 shares of the real estate investment trust’s stock worth $984,341,000 after buying an additional 154,127 shares during the period. Northern Trust Corp lifted its position in shares of American Tower by 0.7% during the 2nd quarter. Northern Trust Corp now owns 6,545,080 shares of the real estate investment trust’s stock worth $943,605,000 after buying an additional 44,364 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of American Tower by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,032,192 shares of the real estate investment trust’s stock worth $869,663,000 after buying an additional 713,894 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of American Tower by 7.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,414,223 shares of the real estate investment trust’s stock worth $636,400,000 after buying an additional 312,126 shares during the period. Institutional investors and hedge funds own 93.24% of the company’s stock.

Several equities analysts recently commented on AMT shares. Barclays raised their target price on American Tower from $156.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. Morgan Stanley lifted their price objective on American Tower from $154.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, August 16th. Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating and lifted 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 American Tower and gave the company a “buy” rating in a research report on Wednesday, October 31st. Finally, Guggenheim downgraded American Tower from a “buy” rating to a “neutral” rating and set a $135.00 price objective for the company. in a research report on Monday, July 16th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $164.20.

In other news, insider Steven C. Marshall sold 163,166 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $156.86, for a total transaction of $25,594,218.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edmund Disanto sold 13,000 shares of the business’s stock in a transaction on Friday, September 7th. The stock was sold at an average price of $146.78, for a total value of $1,908,140.00. Following the sale, the executive vice president now owns 160,021 shares of the company’s stock, valued at approximately $23,487,882.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,318 shares of company stock valued at $28,567,435. 0.87% of the stock is currently owned by corporate insiders.

Shares of AMT opened at $156.16 on Wednesday. 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 Corp has a 52-week low of $130.37 and a 52-week high of $161.71. The firm has a market capitalization of $67.03 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 1.47 and a beta of 0.59.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.76 billion. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.73 earnings per share. On average, equities research analysts forecast that American Tower Corp will post 7.58 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th were given a dividend of $0.79 per share. The ex-dividend date was Thursday, September 27th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from American Tower’s previous quarterly dividend of $0.77. American Tower’s payout ratio is presently 49.53%.

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

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