American Tower Corp (NYSE:AMT) Shares Acquired by NuWave Investment Management LLC
NuWave Investment Management LLC lifted its position in shares of American Tower Corp (NYSE:AMT) by 1,014.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,926 shares of the real estate investment trust’s stock after buying an additional 4,484 shares during the period. American Tower makes up about 1.1% of NuWave Investment Management LLC’s holdings, making the stock its 25th biggest holding. NuWave Investment Management LLC’s holdings in American Tower were worth $1,007,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in AMT. FMR LLC increased its holdings in shares of American Tower by 13.3% during the 1st quarter. FMR LLC now owns 22,818,504 shares of the real estate investment trust’s stock worth $4,496,615,000 after buying an additional 2,673,794 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of American Tower by 28.3% during the 1st quarter. Jennison Associates LLC now owns 3,697,620 shares of the real estate investment trust’s stock worth $728,653,000 after buying an additional 816,380 shares during the last quarter. BlackRock Inc. increased its holdings in shares of American Tower by 2.1% during the 1st quarter. BlackRock Inc. now owns 30,336,022 shares of the real estate investment trust’s stock worth $5,978,017,000 after buying an additional 610,821 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of American Tower by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 5,244,004 shares of the real estate investment trust’s stock worth $827,966,000 after buying an additional 525,601 shares during the last quarter. Finally, Waverton Investment Management Ltd increased its holdings in shares of American Tower by 882.3% during the 1st quarter. Waverton Investment Management Ltd now owns 427,933 shares of the real estate investment trust’s stock worth $84,328,000 after buying an additional 384,368 shares during the last quarter. Institutional investors and hedge funds own 94.11% of the company’s stock.
A number of analysts have recently commented on AMT shares. KeyCorp upped their price objective on SBA Communications from $215.00 to $252.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. They noted that the move was a valuation call. Wells Fargo & Co upped their price target on shares of Sempra Energy from $137.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Royal Bank of Canada upped their price target on shares of Summit Industrial Income REIT from C$11.50 to C$12.50 and gave the stock a “sector perform” rating in a research report on Thursday, May 9th. UBS Group reaffirmed a “buy” rating on shares of Fortis in a research report on Friday, June 7th. Finally, Morgan Stanley upped their price target on shares of United Technologies from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. American Tower has an average rating of “Hold” and a consensus target price of $188.44.
American Tower (NYSE:AMT) last posted its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.80 billion. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 EPS. As a group, equities analysts predict that American Tower Corp will post 7.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, June 19th were paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Tuesday, June 18th. This is a positive change from American Tower’s previous quarterly dividend of $0.90. American Tower’s dividend payout ratio is 46.06%.
In other news, EVP William H. Hess sold 12,768 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $192.60, for a total value of $2,459,116.80. Following the sale, the executive vice president now owns 62,663 shares in the company, valued at approximately $12,068,893.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman James D. Taiclet, Jr. sold 57,439 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $194.31, for a total transaction of $11,160,972.09. Following the completion of the sale, the chairman now owns 255,415 shares in the company, valued at approximately $49,629,688.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 248,053 shares of company stock worth $49,761,568. Company insiders own 0.75% of the company’s stock.
American Tower 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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