Qube Research & Technologies Ltd Acquires New Stake in American Tower Corp (NYSE:AMT)

Qube Research & Technologies Ltd purchased a new position in shares of American Tower Corp (NYSE:AMT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,096 shares of the real estate investment trust’s stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMT. FMR LLC increased its holdings in American Tower by 13.3% during the 1st quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock worth $4,496,615,000 after purchasing an additional 2,673,794 shares during the period. Jennison Associates LLC increased its holdings in American Tower by 28.3% during the 1st quarter. Jennison Associates LLC now owns 3,697,620 shares of the real estate investment trust’s stock worth $728,653,000 after purchasing an additional 816,380 shares during the period. BlackRock Inc. increased its holdings in American Tower by 2.1% during the 1st quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock worth $5,978,017,000 after purchasing an additional 610,821 shares during the period. Geode Capital Management LLC increased its holdings in American Tower by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock worth $827,966,000 after purchasing an additional 525,601 shares during the period. Finally, California Public Employees Retirement System increased its holdings in American Tower by 22.9% during the 1st quarter. California Public Employees Retirement System now owns 1,730,895 shares of the real estate investment trust’s stock worth $341,090,000 after purchasing an additional 322,963 shares during the period. Institutional investors own 93.22% of the company’s stock.

Several equities research analysts have weighed in on the company. SunTrust Banks upped their price target on American Tower to $230.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. UBS Group downgraded American Tower from a “buy” rating to a “neutral” rating and upped their price target for the stock from $195.00 to $222.00 in a report on Friday, June 7th. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $237.00 price target on the stock in a report on Tuesday. Morgan Stanley upped their price target on American Tower from $185.00 to $201.00 and gave the stock an “equal weight” rating in a report on Monday, May 20th. Finally, KeyCorp upped their price target on American Tower from $225.00 to $253.00 and gave the stock an “overweight” rating in a report on Monday. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $202.27.

AMT opened at $227.16 on Thursday. American Tower Corp has a one year low of $140.40 and a one year high of $227.48. The company has a market cap of $99.69 billion, a P/E ratio of 28.43, a PEG ratio of 1.83 and a beta of 0.50. The company has a debt-to-equity ratio of 4.13, a quick ratio of 0.49 and a current ratio of 0.49. The business’s 50-day simple moving average is $213.18 and its 200-day simple moving average is $198.64.

American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, July 31st. The real estate investment trust reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.91). American Tower had a net margin of 19.30% and a return on equity of 24.75%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the company posted $1.74 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. As a group, analysts predict that American Tower Corp will post 7.66 earnings per share for the current fiscal year.

In related news, EVP Olivier Puech sold 8,219 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $204.81, for a total value of $1,683,333.39. Following the completion of the sale, the executive vice president now directly owns 23,288 shares of the company’s stock, valued at approximately $4,769,615.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO James D. Taiclet, Jr. sold 57,439 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $207.93, for a total value of $11,943,291.27. Following the completion of the sale, the chief executive officer now directly owns 255,415 shares of the company’s stock, valued at $53,108,440.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,020 shares of company stock valued at $39,584,998. Insiders own 0.75% of the company’s stock.

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 171,000 communications sites.

Further Reading: Street Name

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

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