Cigna Investments Inc. New increased its holdings in shares of American Tower Corp (NYSE:AMT) by 6.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,556 shares of the real estate investment trust’s stock after buying an additional 806 shares during the quarter. Cigna Investments Inc. New’s holdings in American Tower were worth $2,735,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Arrow Financial Corp lifted its position in shares of American Tower by 111.7% during the 4th quarter. Arrow Financial Corp now owns 3,222 shares of the real estate investment trust’s stock worth $740,000 after buying an additional 1,700 shares during the last quarter. Cibc Bank USA increased its holdings in American Tower by 7.8% in the 4th quarter. Cibc Bank USA now owns 3,389 shares of the real estate investment trust’s stock worth $779,000 after purchasing an additional 246 shares in the last quarter. Cipher Capital LP increased its holdings in American Tower by 228.0% in the 4th quarter. Cipher Capital LP now owns 62,280 shares of the real estate investment trust’s stock worth $14,313,000 after purchasing an additional 43,292 shares in the last quarter. Aviva PLC increased its holdings in American Tower by 19.7% in the 4th quarter. Aviva PLC now owns 187,984 shares of the real estate investment trust’s stock worth $43,202,000 after purchasing an additional 30,874 shares in the last quarter. Finally, Dearborn Partners LLC increased its holdings in American Tower by 5.4% in the 4th quarter. Dearborn Partners LLC now owns 139,014 shares of the real estate investment trust’s stock worth $31,948,000 after purchasing an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 91.73% of the company’s stock.
A number of equities analysts have issued reports on AMT shares. Oppenheimer raised American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 target price for the company in a report on Friday. Edward Jones upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Tuesday, March 24th. Morgan Stanley raised their price objective on American Tower from $218.00 to $245.00 and gave the stock an “equal weight” rating in a research report on Monday, April 27th. Credit Suisse Group began coverage on American Tower in a research report on Tuesday, April 28th. They set an “outperform” rating and a $308.00 price objective for the company. Finally, Citigroup upgraded American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price objective for the company in a research report on Thursday, March 5th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $257.38.
AMT stock traded up $14.27 during mid-day trading on Friday, reaching $242.43. The company’s stock had a trading volume of 2,812,237 shares, compared to its average volume of 1,978,653. The company has a market cap of $101.14 billion, a price-to-earnings ratio of 56.78, a price-to-earnings-growth ratio of 1.94 and a beta of 0.44. The business’s 50 day moving average price is $239.56 and its 200 day moving average price is $229.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 6.91. American Tower Corp has a 12 month low of $174.32 and a 12 month high of $260.43.
American Tower (NYSE:AMT) last announced its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing the Zacks’ consensus estimate of $1.05 by ($0.12). American Tower had a net margin of 24.55% and a return on equity of 35.63%. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period last year, the business posted $1.84 EPS. The company’s revenue was up 9.9% on a year-over-year basis. As a group, equities analysts expect that American Tower Corp will post 8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Thursday, June 18th. This is a boost from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio (DPR) is 55.89%.
In other American Tower news, EVP Steven O. Vondran sold 1,154 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $233.24, for a total value of $269,158.96. Following the completion of the sale, the executive vice president now owns 26,315 shares of the company’s stock, valued at $6,137,710.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David E. Sharbutt sold 2,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $243.60, for a total value of $535,920.00. Following the completion of the sale, the director now directly owns 4,097 shares of the company’s stock, valued at approximately $998,029.20. The disclosure for this sale can be found here. Insiders sold 14,392 shares of company stock valued at $3,343,752 in the last three months. Insiders own 0.65% of the company’s stock.
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 approximately 171,000 communications sites.
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