Global Retirement Partners LLC grew its stake in American Tower Corp (NYSE:AMT) by 39.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,501 shares of the real estate investment trust’s stock after purchasing an additional 2,108 shares during the quarter. Global Retirement Partners LLC’s holdings in American Tower were worth $1,659,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp boosted its holdings in American Tower by 2.2% in the 3rd quarter. Stifel Financial Corp now owns 288,092 shares of the real estate investment trust’s stock valued at $63,733,000 after purchasing an additional 6,257 shares during the last quarter. JT Stratford LLC lifted its holdings in American Tower by 32.0% in the third quarter. JT Stratford LLC now owns 1,465 shares of the real estate investment trust’s stock valued at $324,000 after acquiring an additional 355 shares during the last quarter. Carnegie Capital Asset Management LLC lifted its holdings in American Tower by 0.3% in the third quarter. Carnegie Capital Asset Management LLC now owns 104,600 shares of the real estate investment trust’s stock valued at $23,130,000 after acquiring an additional 341 shares during the last quarter. Virtu Financial LLC lifted its holdings in American Tower by 181.4% in the third quarter. Virtu Financial LLC now owns 11,398 shares of the real estate investment trust’s stock valued at $2,520,000 after acquiring an additional 7,348 shares during the last quarter. Finally, Lowe Brockenbrough & Co. Inc. grew its position in American Tower by 1.0% in the third quarter. Lowe Brockenbrough & Co. Inc. now owns 40,279 shares of the real estate investment trust’s stock worth $8,907,000 after acquiring an additional 398 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.
Shares of AMT stock traded up $2.15 on Wednesday, hitting $213.36. The stock had a trading volume of 1,270,973 shares, compared to its average volume of 1,743,957. The company has a debt-to-equity ratio of 4.40, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $94.51 billion, a P/E ratio of 26.70, a P/E/G ratio of 1.71 and a beta of 0.40. American Tower Corp has a 1 year low of $150.66 and a 1 year high of $242.00. The company’s 50 day moving average price is $215.12 and its 200-day moving average price is $215.66.
American Tower (NYSE:AMT) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.17. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.88 billion. American Tower had a return on equity of 27.12% and a net margin of 20.58%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.85 EPS. On average, equities analysts forecast that American Tower Corp will post 7.65 EPS for the current year.
In other American Tower news, EVP Edmund Disanto sold 63,686 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $221.06, for a total transaction of $14,078,427.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Robert Joseph Meyer, Jr. sold 1,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $206.78, for a total value of $206,780.00. The disclosure for this sale can be found here. Insiders sold a total of 131,404 shares of company stock worth $29,380,550 in the last quarter. Company insiders own 0.75% of the company’s stock.
Several equities research analysts have issued reports on the company. ValuEngine cut American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Citigroup lifted their target price on American Tower from $236.00 to $240.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Zacks Investment Research upgraded American Tower from a “hold” rating to a “buy” rating and set a $237.00 target price on the stock in a research report on Tuesday, August 20th. Cowen lifted their target price on American Tower from $238.00 to $260.00 and gave the company an “in-line” rating in a research report on Friday, November 1st. Finally, KeyCorp set a $242.00 target price on American Tower and gave the company a “buy” rating in a research report on Friday, November 1st. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. American Tower has an average rating of “Hold” and an average price target of $219.92.
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 approximately 171,000 communications sites.
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