Charter Trust Co. lifted its position in American Tower Corp (NYSE:AMT) by 21.0% during the 3rd quarter, Holdings Channel reports. The firm owned 6,820 shares of the real estate investment trust’s stock after acquiring an additional 1,184 shares during the quarter. Charter Trust Co.’s holdings in American Tower were worth $991,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. increased its holdings in shares of American Tower by 7.9% in the third quarter. Oppenheimer & Co. Inc. now owns 58,122 shares of the real estate investment trust’s stock worth $8,446,000 after purchasing an additional 4,231 shares during the last quarter. Bartlett & Co. LLC increased its holdings in shares of American Tower by 1.3% in the third quarter. Bartlett & Co. LLC now owns 135,242 shares of the real estate investment trust’s stock worth $19,651,000 after purchasing an additional 1,720 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of American Tower by 10.0% in the second quarter. Advisors Asset Management Inc. now owns 150,440 shares of the real estate investment trust’s stock worth $21,689,000 after purchasing an additional 13,702 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of American Tower by 6.8% in the third quarter. IFP Advisors Inc now owns 9,580 shares of the real estate investment trust’s stock worth $1,392,000 after purchasing an additional 614 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its holdings in shares of American Tower by 2.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 88,277 shares of the real estate investment trust’s stock worth $12,727,000 after purchasing an additional 1,981 shares during the last quarter. 93.25% of the stock is currently owned by hedge funds and other institutional investors.

In other American Tower news, SVP Robert Joseph Meyer, Jr. sold 44,959 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $156.43, for a total transaction of $7,032,936.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Olivier Puech sold 10,747 shares of the business’s stock in a transaction that occurred on Wednesday, November 28th. The shares were sold at an average price of $161.87, for a total value of $1,739,616.89. Following the transaction, the executive vice president now owns 20,543 shares of the company’s stock, valued at approximately $3,325,295.41. The disclosure for this sale can be found here. In the last quarter, insiders sold 338,360 shares of company stock valued at $53,958,953. 0.87% of the stock is currently owned by company insiders.

Several brokerages have recently issued reports on AMT. Moffett Nathanson cut American Tower from a “buy” rating to a “neutral” rating and set a $164.00 target price on the stock. in a report on Monday, December 3rd. Wells Fargo & Co lifted their target price on American Tower from $173.00 to $176.00 and gave the stock an “outperform” rating in a report on Friday, November 16th. Deutsche Bank cut American Tower from a “buy” rating to a “hold” rating and reduced their target price for the stock from $169.00 to $167.00 in a report on Thursday, November 1st. They noted that the move was a valuation call. Royal Bank of Canada lifted their target price on American Tower to $173.00 and gave the stock an “outperform” rating in a report on Thursday, November 1st. Finally, Barclays lifted their price target on American Tower from $156.00 to $164.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $165.31.

AMT opened at $166.43 on Friday. The stock has a market capitalization of $73.84 billion, a P/E ratio of 23.71, a P/E/G ratio of 1.62 and a beta of 0.62. American Tower Corp has a 12 month low of $130.37 and a 12 month high of $168.58. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 3.11.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.02. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.76 billion. American Tower had a return on equity of 18.55% and a net margin of 17.07%. The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $1.73 earnings per share. Analysts anticipate that American Tower Corp will post 7.58 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 14th. Investors of record on Thursday, December 27th will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, December 26th. This represents a $3.36 annualized dividend and a yield of 2.02%. This is a positive change from American Tower’s previous quarterly dividend of $0.79. American Tower’s dividend payout ratio (DPR) is currently 49.53%.

TRADEMARK VIOLATION WARNING: “Charter Trust Co. Raises Stake in American Tower Corp (AMT)” was reported by Watch List News and is owned by of Watch List News. If you are viewing this article on another domain, it was illegally copied and republished in violation of international copyright legislation. The correct version of this article can be accessed at https://www.watchlistnews.com/charter-trust-co-raises-stake-in-american-tower-corp-amt/2669775.html.

About American Tower

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 170,000 communications sites.

Further Reading: Capital gains and your 401(k) or IRA

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.