Lincluden Management Ltd. lifted its holdings in American Tower Co. (REIT) (NYSE:AMT) by 36.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,987 shares of the real estate investment trust’s stock after buying an additional 5,893 shares during the period. Lincluden Management Ltd.’s holdings in American Tower were worth $5,836,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Destiny Wealth Partners LLC bought a new stake in American Tower during the 3rd quarter valued at $30,000. Canton Hathaway LLC bought a new position in shares of American Tower in the third quarter worth $31,000. Harvest Fund Management Co. Ltd bought a new position in American Tower in the second quarter valued at $34,000. Albion Financial Group UT bought a new position in American Tower in the second quarter valued at $36,000. Finally, GeoWealth Management LLC purchased a new stake in American Tower during the second quarter valued at about $37,000. Hedge funds and other institutional investors own 89.57% of the company’s stock.
AMT has been the subject of several research analyst reports. Credit Suisse Group raised their price objective on shares of American Tower from $324.00 to $328.00 and gave the stock an “outperform” rating in a report on Friday, October 29th. Raymond James reduced their price target on shares of American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, November 1st. JPMorgan Chase & Co. cut shares of American Tower from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $285.00 to $271.00 in a report on Wednesday. Morgan Stanley dropped their target price on shares of American Tower from $316.00 to $294.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 1st. Finally, KeyCorp lifted their price target on shares of American Tower from $302.00 to $311.00 and gave the stock an “overweight” rating in a research note on Friday, October 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $294.47.
American Tower (NYSE:AMT) last posted its quarterly earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.69). American Tower had a return on equity of 39.34% and a net margin of 27.44%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the company earned $2.23 earnings per share. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. As a group, equities research analysts predict that American Tower Co. will post 9.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Monday, December 27th will be issued a $1.39 dividend. This represents a $5.56 dividend on an annualized basis and a yield of 2.09%. This is a positive change from American Tower’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, December 23rd. American Tower’s dividend payout ratio is 101.09%.
In related news, Director Joann A. Reed sold 866 shares of the firm’s stock in a transaction on Tuesday, November 16th. The stock was sold at an average price of $260.50, for a total transaction of $225,593.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Pamela D. A. Reeve sold 3,590 shares of the firm’s stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
About American Tower
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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