Sumitomo Life Insurance Co. Raises Stock Position in American Tower Corp (NYSE:AMT)
Sumitomo Life Insurance Co. grew its holdings in American Tower Corp (NYSE:AMT) by 6.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,560 shares of the real estate investment trust’s stock after acquiring an additional 818 shares during the period. Sumitomo Life Insurance Co.’s holdings in American Tower were worth $3,346,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of AMT. Arjuna Capital grew its stake in shares of American Tower by 1.2% in the 2nd quarter. Arjuna Capital now owns 5,598 shares of the real estate investment trust’s stock worth $1,145,000 after buying an additional 66 shares in the last quarter. Keudell Morrison Wealth Management purchased a new position in shares of American Tower in the 2nd quarter worth $1,987,000. Victory Capital Management Inc. grew its stake in shares of American Tower by 76.7% in the 2nd quarter. Victory Capital Management Inc. now owns 14,865 shares of the real estate investment trust’s stock worth $3,039,000 after buying an additional 6,452 shares in the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of American Tower by 6.2% in the 2nd quarter. Peapack Gladstone Financial Corp now owns 1,080 shares of the real estate investment trust’s stock worth $221,000 after buying an additional 63 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of American Tower by 51.8% in the 2nd quarter. Schroder Investment Management Group now owns 39,887 shares of the real estate investment trust’s stock worth $8,155,000 after buying an additional 13,615 shares in the last quarter. 91.63% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $206.78, for a total value of $206,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Olivier Puech sold 313 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $228.56, for a total transaction of $71,539.28. Following the completion of the sale, the executive vice president now owns 18,723 shares of the company’s stock, valued at approximately $4,279,328.88. The disclosure for this sale can be found here. Insiders have sold a total of 5,574 shares of company stock valued at $1,250,626 in the last quarter. 0.75% of the stock is currently owned by company insiders.
American Tower (NYSE:AMT) last announced its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.17. American Tower had a net margin of 20.58% and a return on equity of 27.12%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business posted $1.85 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts forecast that American Tower Corp will post 7.64 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 14th. Investors of record on Friday, December 27th were issued a dividend of $1.01 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, December 26th. This represents a $4.04 dividend on an annualized basis and a yield of 1.70%. American Tower’s dividend payout ratio (DPR) is presently 50.56%.
A number of brokerages have commented on AMT. Cowen lifted their price objective on shares of American Tower from $238.00 to $260.00 and gave the stock an “in-line” rating in a research note on Friday, November 1st. Morgan Stanley reaffirmed a “hold” rating and set a $218.00 price target (up from $216.00) on shares of American Tower in a research note on Friday, November 22nd. Goldman Sachs Group raised shares of American Tower from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $204.00 to $270.00 in a research note on Monday, January 13th. KeyCorp lifted their price target on shares of American Tower from $242.00 to $254.00 and gave the stock an “overweight” rating in a research note on Friday, January 10th. Finally, ValuEngine cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Ten investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $224.36.
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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