GW&K Investment Management LLC cut its position in American Tower Corp (NYSE:AMT) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 291,759 shares of the real estate investment trust’s stock after selling 5,153 shares during the period. American Tower accounts for about 0.9% of GW&K Investment Management LLC’s investment portfolio, making the stock its 17th biggest position. GW&K Investment Management LLC’s holdings in American Tower were worth $64,517,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the third quarter worth about $25,000. Nelson Roberts Investment Advisors LLC bought a new position in shares of American Tower in the second quarter worth about $27,000. Next Capital Management LLC bought a new position in shares of American Tower in the second quarter worth about $31,000. NewSquare Capital LLC raised its stake in shares of American Tower by 192.3% in the second quarter. NewSquare Capital LLC now owns 152 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 100 shares during the last quarter. Finally, CX Institutional raised its stake in shares of American Tower by 54.9% in the second quarter. CX Institutional now owns 158 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 92.54% of the company’s stock.
A number of brokerages have weighed in on AMT. Morgan Stanley boosted their target price on shares of American Tower from $201.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. SunTrust Banks boosted their target price on shares of American Tower to $230.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. ValuEngine downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup boosted their price target on shares of American Tower from $236.00 to $240.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Finally, Zacks Investment Research raised shares of American Tower from a “hold” rating to a “buy” rating and set a $237.00 price target for the company in a research note on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $215.79.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.17. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.88 billion. American Tower had a net margin of 20.58% and a return on equity of 27.12%. American Tower’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.85 earnings per share. Equities research analysts predict that American Tower Corp will post 7.65 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 17th. Investors of record on Friday, September 27th were issued a dividend of $0.95 per share. The ex-dividend date was Thursday, September 26th. This represents a $3.80 dividend on an annualized basis and a yield of 1.85%. This is a boost from American Tower’s previous quarterly dividend of $0.92. American Tower’s payout ratio is currently 47.56%.
In related news, Director Pamela D. A. Reeve sold 4,167 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $240.80, for a total transaction of $1,003,413.60. Following the completion of the transaction, the director now owns 19,139 shares in the company, valued at $4,608,671.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $206.78, for a total transaction of $206,780.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 141,524 shares of company stock valued at $31,726,127. Corporate insiders own 0.75% of the company’s stock.
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.
Read More: Are we seeing the beginning of a new bubble?
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.