Today: Today, Prudential Financial Inc. cuts its investment of stake in American Tower Corp. (AMT)

Today, Prudential Financial Inc. cuts its investment of stake in American Tower Corp. (AMT)

Prudential Financial Inc. reduced its stake in American Tower Corp. (NYSE:AMT) by 22.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 797,938 shares of the real estate investment trust’s stock after selling 233,448 shares during the period. Prudential Financial Inc.’s holdings in American Tower Corp. were worth $90,430,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its stake in shares of American Tower Corp. by 95.6% in the third quarter. Cornerstone Advisors Inc. now owns 988 shares of the real estate investment trust’s stock valued at $112,000 after buying an additional 483 shares during the last quarter. Financial Architects Inc increased its stake in shares of American Tower Corp. by 15.5% in the second quarter. Financial Architects Inc now owns 1,289 shares of the real estate investment trust’s stock valued at $147,000 after buying an additional 173 shares during the last quarter. WFG Advisors LP increased its stake in shares of American Tower Corp. by 1.2% in the second quarter. WFG Advisors LP now owns 1,473 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 18 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in shares of American Tower Corp. by 3.3% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,474 shares of the real estate investment trust’s stock valued at $167,000 after buying an additional 47 shares during the last quarter. Finally, PineBridge Investments L.P. purchased a new stake in shares of American Tower Corp. during the second quarter valued at approximately $173,000. Institutional investors and hedge funds own 92.79% of the company’s stock.

Shares of American Tower Corp. (NYSE:AMT) opened at 106.11 on Tuesday. The company’s 50-day moving average is $111.13 and its 200-day moving average is $111.64. The company has a market cap of $45.17 billion, a price-to-earnings ratio of 53.11 and a beta of 0.69. American Tower Corp. has a one year low of $83.07 and a one year high of $118.26.

American Tower Corp. (NYSE:AMT) last posted its quarterly earnings data 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 company earned $1.52 billion during the quarter, compared to analysts’ expectations of $1.51 billion. American Tower Corp. had a net margin of 17.37% and a return on equity of 14.05%. The firm’s revenue for the quarter 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. On average, equities analysts predict that American Tower Corp. will post $5.73 EPS 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 price objective on the stock in a research report on Monday, November 14th. Stifel Nicolaus raised their price objective on shares of American Tower Corp. from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, October 31st. Deutsche Bank AG restated a “buy” rating and set a $135.00 price objective on shares of American Tower Corp. in a research report on Friday, November 4th. SunTrust Banks Inc. started coverage on shares of American Tower Corp. in a research report on Monday, September 12th. They set a “buy” rating and a $128.00 price objective on the stock. Finally, Jefferies Group reaffirmed a “buy” rating on shares of American Tower Corp. in a research note on Saturday, August 6th. One equities research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. American Tower Corp. presently has an average rating of “Buy” and an average price target of $123.44.

In other news, Director Samme L. Thompson sold 2,202 shares of the company’s stock in a transaction on Monday, October 24th. The shares were sold at an average price of $116.13, for a total transaction of $255,718.26. Following the completion of the sale, the director now owns 16,063 shares of the company’s stock, valued at $1,865,396.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carolyn Katz sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $116.34, for a total transaction of $581,700.00. Following the sale, the director now directly owns 14,484 shares of the company’s stock, valued at approximately $1,685,068.56. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

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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