Kingfisher Capital LLC cut its holdings in shares of American Tower Co. (NYSE:AMT – Get Rating) by 3.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,868 shares of the real estate investment trust’s stock after selling 73 shares during the quarter. Kingfisher Capital LLC’s holdings in American Tower were worth $396,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. EWG Elevate Inc. purchased a new position in American Tower in the fourth quarter valued at about $25,000. Pinnacle Holdings LLC bought a new stake in shares of American Tower in the 1st quarter worth approximately $29,000. Activest Wealth Management lifted its stake in American Tower by 379.3% in the third quarter. Activest Wealth Management now owns 139 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 110 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in American Tower during the second quarter valued at $30,000. Finally, Tortoise Investment Management LLC increased its position in American Tower by 76.8% in the third quarter. Tortoise Investment Management LLC now owns 145 shares of the real estate investment trust’s stock worth $31,000 after buying an additional 63 shares during the last quarter. 89.65% of the stock is currently owned by institutional investors.
Insider Transactions at American Tower
In other American Tower news, Director Raymond P. Dolan sold 1,620 shares of the company’s stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $229.25, for a total value of $371,385.00. Following the completion of the sale, the director now owns 17,473 shares of the company’s stock, valued at $4,005,685.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Samme L. Thompson sold 1,739 shares of American Tower stock in a transaction on Monday, February 6th. The shares were sold at an average price of $218.59, for a total value of $380,128.01. Following the transaction, the director now owns 22,099 shares in the company, valued at approximately $4,830,620.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Raymond P. Dolan sold 1,620 shares of the company’s stock in a transaction dated Friday, January 13th. The shares were sold at an average price of $229.25, for a total transaction of $371,385.00. Following the sale, the director now owns 17,473 shares of the company’s stock, valued at $4,005,685.25. The disclosure for this sale can be found here. In the last three months, insiders sold 8,587 shares of company stock worth $1,947,849. 0.24% of the stock is currently owned by corporate insiders.
American Tower Price Performance
American Tower (NYSE:AMT – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The real estate investment trust reported ($1.47) earnings per share for the quarter, missing the consensus estimate of $2.16 by ($3.63). The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.68 billion. American Tower had a return on equity of 15.80% and a net margin of 16.49%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $2.18 earnings per share. On average, research analysts forecast that American Tower Co. will post 9.24 earnings per share for the current fiscal year.
American Tower Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, April 14th will be paid a dividend of $1.56 per share. This represents a $6.24 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Thursday, April 13th. American Tower’s dividend payout ratio (DPR) is currently 162.50%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on AMT. Morgan Stanley upped their price target on American Tower from $219.00 to $224.00 and gave the company an “equal weight” rating in a research report on Monday, January 23rd. Raymond James cut their target price on shares of American Tower from $233.00 to $227.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Truist Financial reduced their target price on shares of American Tower from $325.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, January 13th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of American Tower from $254.00 to $245.00 in a research note on Tuesday, March 7th. Finally, Wells Fargo & Company lifted their price objective on shares of American Tower from $225.00 to $245.00 in a research note on Wednesday, December 14th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $259.25.
American Tower Profile
American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.
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