Princeton Capital Management Inc. Has $5,590,000 Position in American Tower Corp. (AMT)
Princeton Capital Management Inc. reduced its position in American Tower Corp. (NYSE:AMT) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,206 shares of the real estate investment trust’s stock after selling 1,275 shares during the period. American Tower Corp. comprises about 3.9% of Princeton Capital Management Inc.’s holdings, making the stock its 5th largest position. Princeton Capital Management Inc.’s holdings in American Tower Corp. were worth $5,590,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in AMT. Capital Analysts LLC increased its stake in American Tower Corp. by 158.1% in the second quarter. Capital Analysts LLC now owns 2,395 shares of the real estate investment trust’s stock worth $143,000 after buying an additional 1,467 shares during the last quarter. Financial Architects Inc increased its stake in 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 worth $147,000 after buying an additional 173 shares during the last quarter. Park National Corp OH purchased a new stake in American Tower Corp. during the second quarter worth $201,000. Schonfeld Strategic Advisors LLC purchased a new stake in American Tower Corp. during the first quarter worth $205,000. Finally, Boys Arnold & Co. Inc. purchased a new stake in American Tower Corp. during the second quarter worth $220,000. Institutional investors own 94.28% of the company’s stock.
Shares of American Tower Corp. (NYSE:AMT) traded up 1.11% on Monday, hitting $109.20. The stock had a trading volume of 1,509,790 shares. American Tower Corp. has a 12 month low of $83.07 and a 12 month high of $118.26. The company’s 50 day moving average price is $114.03 and its 200-day moving average price is $108.68. The company has a market cap of $46.46 billion, a P/E ratio of 67.78 and a beta of 0.57.
American Tower Corp. (NYSE:AMT) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $1.33 EPS for the quarter, missing the consensus estimate of $1.36 by $0.03. The business earned $1.44 billion during the quarter, compared to analysts’ expectations of $1.44 billion. American Tower Corp. had a net margin of 15.21% and a return on equity of 11.73%. The business’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same period last year, the company earned $1.26 EPS. On average, analysts expect that American Tower Corp. will post $5.70 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.01%. This is a positive change from American Tower Corp.’s previous quarterly dividend of $0.53. American Tower Corp.’s dividend payout ratio is 131.68%.
A number of research firms recently weighed in on AMT. Argus boosted their target price on American Tower Corp. from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 17th. Jefferies Group boosted their target price on American Tower Corp. from $120.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. BTIG Research boosted their price objective on American Tower Corp. to $140.00 in a research report on Tuesday, July 19th. They noted that the move was a valuation call. Citigroup Inc. boosted their price objective on American Tower Corp. from $108.00 to $121.00 and gave the company a “buy” rating in a research report on Thursday, June 16th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $117.00 price objective on shares of American Tower Corp. in a research report on Tuesday, May 31st. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $120.59.
In other American Tower Corp. news, EVP Edmund Disanto sold 21,087 shares of the firm’s stock in a transaction dated Thursday, July 14th. The stock was sold at an average price of $116.71, for a total transaction of $2,461,063.77. Following the transaction, the executive vice president now owns 140,749 shares of the company’s stock, valued at $16,426,815.79. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Steven C. Marshall sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $113.33, for a total value of $11,333,000.00. The disclosure for this sale can be found here. 0.95% of the stock is owned by corporate insiders.
About American Tower Corp.
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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