CCLA Investment Management Increases Stake in American Tower Co. (NYSE:AMT)

CCLA Investment Management grew its stake in American Tower Co. (NYSE:AMT) by 1.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 410,368 shares of the real estate investment trust’s stock after buying an additional 4,288 shares during the quarter. CCLA Investment Management owned 0.09% of American Tower worth $80,036,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Wellington Management Group LLP boosted its stake in shares of American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after buying an additional 2,839,570 shares during the period. Principal Financial Group Inc. raised its position in shares of American Tower by 36.2% during the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after acquiring an additional 2,336,501 shares in the last quarter. Edgewood Management LLC raised its position in shares of American Tower by 46.2% during the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after acquiring an additional 1,576,683 shares in the last quarter. Vanguard Group Inc. raised its position in shares of American Tower by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after acquiring an additional 965,938 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of American Tower during the 1st quarter worth about $164,300,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Down 0.4 %

NYSE:AMT opened at $239.44 on Wednesday. The firm has a market cap of $111.84 billion, a P/E ratio of 54.17, a PEG ratio of 1.57 and a beta of 0.83. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock’s 50 day simple moving average is $222.80 and its 200-day simple moving average is $201.79. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 EPS. Equities analysts anticipate that American Tower Co. will post 10.18 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.71%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMT. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Scotiabank raised their target price on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada lifted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $233.29.

Insider Activity at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 over the last three months. 0.18% of the stock is currently owned by corporate insiders.

American Tower Company 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.