Boston Financial Mangement LLC raised its stake in American Tower Corp. (NYSE:AMT) by 5.3% during the third quarter, Holdings Channel reports. The firm owned 42,588 shares of the real estate investment trust’s stock after buying an additional 2,125 shares during the period. Boston Financial Mangement LLC’s holdings in American Tower Corp. were worth $4,827,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC acquired a new position in American Tower Corp. during the first quarter valued at approximately $205,000. Logan Capital Management Inc. boosted its stake in American Tower Corp. by 0.3% in the first quarter. Logan Capital Management Inc. now owns 16,616 shares of the real estate investment trust’s stock valued at $1,701,000 after buying an additional 50 shares in the last quarter. Cullinan Associates Inc. boosted its stake in American Tower Corp. by 5.2% in the first quarter. Cullinan Associates Inc. now owns 38,480 shares of the real estate investment trust’s stock valued at $3,939,000 after buying an additional 1,900 shares in the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in American Tower Corp. during the second quarter valued at about $8,030,000. Finally, Park National Corp OH purchased a new stake in American Tower Corp. during the second quarter valued at about $201,000. 94.31% of the stock is owned by institutional investors.
American Tower Corp. (NYSE:AMT) traded up 0.26% during trading on Friday, hitting $107.06. 199,548 shares of the company traded hands. American Tower Corp. has a 52 week low of $83.07 and a 52 week high of $118.26. The stock has a market capitalization of $45.57 billion, a PE ratio of 53.58 and a beta of 0.69. The company’s 50 day moving average is $111.13 and its 200-day moving average is $111.56.
American Tower Corp. (NYSE:AMT) last posted its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.03. The business earned $1.52 billion during the quarter, compared to analyst estimates of $1.51 billion. American Tower Corp. had a net margin of 17.37% and a return on equity of 14.05%. The company’s revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.31 earnings per share. Analysts predict that American Tower Corp. will post $5.73 earnings per share for the current year.
AMT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of American Tower Corp. from a “hold” rating to a “buy” rating and set a $118.00 target price on the stock in a research note on Monday, November 14th. Stifel Nicolaus increased their target price on shares of American Tower Corp. from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, October 31st. Deutsche Bank AG reiterated a “buy” rating and issued a $135.00 target price on shares of American Tower Corp. in a research note on Friday, November 4th. SunTrust Banks Inc. initiated coverage on shares of American Tower Corp. in a research note on Monday, September 12th. They issued a “buy” rating and a $128.00 target price on the stock. Finally, Jefferies Group reiterated a “buy” rating on shares of American Tower Corp. in a research note on Saturday, August 6th. One analyst has rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $123.44.
In other American Tower Corp. news, Chairman James D. Taiclet, Jr. sold 40,625 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $108.80, for a total value of $4,420,000.00. Following the completion of the transaction, the chairman now directly owns 226,517 shares in the company, valued at $24,645,049.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Samme L. Thompson sold 2,202 shares of the company’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $116.13, for a total transaction of $255,718.26. Following the completion of the transaction, the director now owns 16,063 shares of the company’s stock, valued at $1,865,396.19. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company insiders.
American Tower Corp. Company Profile
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Its primary business is leasing antenna space on multi-tenant communications sites to wireless service providers, radio and television broadcast companies, wireless data and data providers, government agencies and municipalities.
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