Colony Group LLC raised its holdings in shares of American Tower Corp (NYSE:AMT) by 18.3% during the fourth quarter, Holdings Channel reports. The fund owned 19,062 shares of the real estate investment trust’s stock after buying an additional 2,952 shares during the period. Colony Group LLC’s holdings in American Tower were worth $4,381,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the business. State Street Corp grew its position in American Tower by 6.8% during the 4th quarter. State Street Corp now owns 19,878,737 shares of the real estate investment trust’s stock worth $4,588,391,000 after acquiring an additional 1,266,057 shares during the last quarter. Cohen & Steers Inc. boosted its stake in shares of American Tower by 51.3% during the fourth quarter. Cohen & Steers Inc. now owns 9,031,127 shares of the real estate investment trust’s stock valued at $2,075,534,000 after purchasing an additional 3,063,190 shares during the period. Janus Henderson Group PLC boosted its stake in shares of American Tower by 10.6% during the fourth quarter. Janus Henderson Group PLC now owns 4,533,496 shares of the real estate investment trust’s stock valued at $1,041,818,000 after purchasing an additional 435,781 shares during the period. California Public Employees Retirement System grew its holdings in shares of American Tower by 10.0% in the fourth quarter. California Public Employees Retirement System now owns 2,600,557 shares of the real estate investment trust’s stock worth $597,660,000 after purchasing an additional 236,870 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of American Tower by 10.6% in the fourth quarter. Principal Financial Group Inc. now owns 2,540,103 shares of the real estate investment trust’s stock worth $583,767,000 after purchasing an additional 243,827 shares during the last quarter. 92.24% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director David E. Sharbutt sold 2,200 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $243.60, for a total transaction of $535,920.00. Following the completion of the transaction, the director now directly owns 4,097 shares in the company, valued at $998,029.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Olivier Puech sold 1,186 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $222.71, for a total value of $264,134.06. Following the transaction, the executive vice president now owns 19,626 shares of the company’s stock, valued at $4,370,906.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,144 shares of company stock valued at $2,332,308. 0.75% of the stock is owned by insiders.
American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.60). American Tower had a net margin of 24.90% and a return on equity of 32.51%. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the previous year, the firm posted $0.62 EPS. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, sell-side analysts predict that American Tower Corp will post 8.32 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 29th. Investors of record on Tuesday, April 14th will be paid a $1.08 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.01. This represents a $4.32 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Monday, April 13th. American Tower’s dividend payout ratio is presently 52.26%.
A number of research firms recently commented on AMT. Citigroup upgraded shares of American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price target for the company in a report on Thursday, March 5th. KeyCorp raised their price target on shares of American Tower from $254.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Goldman Sachs Group upgraded shares of American Tower from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $204.00 to $270.00 in a research report on Monday, January 13th. Edward Jones raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 target price for the company in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $237.31.
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 171,000 communications sites.
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