Epoch Investment Partners Inc. cut its holdings in American Tower Co. (REIT) (NYSE:AMT) by 17.0% in the second quarter, HoldingsChannel reports. The firm owned 242,719 shares of the real estate investment trust’s stock after selling 49,601 shares during the period. Epoch Investment Partners Inc.’s holdings in American Tower were worth $65,568,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Wagner Wealth Management LLC bought a new stake in American Tower in the first quarter worth $26,000. Harvest Fund Management Co. Ltd bought a new stake in American Tower in the second quarter worth $34,000. Albion Financial Group UT bought a new stake in American Tower in the second quarter worth $36,000. Sound Income Strategies LLC boosted its holdings in American Tower by 116.4% in the second quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 85 shares in the last quarter. Finally, KB Financial Partners LLC bought a new stake in American Tower in the first quarter worth $44,000. Hedge funds and other institutional investors own 89.57% of the company’s stock.
Shares of AMT traded up $3.48 during trading hours on Thursday, reaching $267.66. 14,210 shares of the company traded hands, compared to its average volume of 1,830,931. The stock’s fifty day moving average is $284.03 and its 200 day moving average is $269.03. The stock has a market cap of $121.82 billion, a P/E ratio of 53.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77. American Tower Co. has a 1-year low of $197.50 and a 1-year high of $303.72.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Tuesday, September 28th will be paid a $1.31 dividend. The ex-dividend date is Monday, September 27th. This represents a $5.24 dividend on an annualized basis and a yield of 1.96%. This is a boost from American Tower’s previous quarterly dividend of $1.27. American Tower’s payout ratio is presently 62.09%.
AMT has been the subject of a number of research analyst reports. Oppenheimer lowered shares of American Tower from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $305.00 to $300.00 in a research report on Friday, September 10th. Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. Raymond James boosted their target price on shares of American Tower from $261.00 to $296.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 3rd. Credit Suisse Group boosted their target price on shares of American Tower from $314.00 to $323.00 and gave the stock an “outperform” rating in a research report on Friday, July 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Buy” and a consensus price target of $298.29.
In related news, Director David E. Sharbutt sold 739 shares of the company’s stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $300.71, for a total value of $222,224.69. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert D. Hormats sold 100 shares of the company’s stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $289.49, for a total transaction of $28,949.00. Following the sale, the director now directly owns 6,340 shares in the company, valued at $1,835,366.60. The disclosure for this sale can be found here. In the last three months, insiders sold 939 shares of company stock worth $279,485. 0.68% of the stock is currently owned by insiders.
American Tower Profile
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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