HCR Wealth Advisors Purchases Shares of 832 American Tower Corp (NYSE:AMT)

HCR Wealth Advisors purchased a new stake in shares of American Tower Corp (NYSE:AMT) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 832 shares of the real estate investment trust’s stock, valued at approximately $221,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. EFG Asset Management Americas Corp. boosted its stake in American Tower by 19.5% during the 2nd quarter. EFG Asset Management Americas Corp. now owns 17,626 shares of the real estate investment trust’s stock valued at $4,555,000 after purchasing an additional 2,879 shares during the last quarter. State of Michigan Retirement System boosted its stake in American Tower by 11.5% during the 2nd quarter. State of Michigan Retirement System now owns 113,195 shares of the real estate investment trust’s stock valued at $29,265,000 after purchasing an additional 11,669 shares during the last quarter. Duality Advisers LP bought a new position in shares of American Tower during the 2nd quarter worth approximately $2,485,000. Pacer Advisors Inc. lifted its position in shares of American Tower by 39.9% during the 2nd quarter. Pacer Advisors Inc. now owns 451,132 shares of the real estate investment trust’s stock worth $116,636,000 after buying an additional 128,634 shares in the last quarter. Finally, V Wealth Advisors LLC lifted its position in shares of American Tower by 10.1% during the 2nd quarter. V Wealth Advisors LLC now owns 3,247 shares of the real estate investment trust’s stock worth $840,000 after buying an additional 297 shares in the last quarter. Institutional investors and hedge funds own 91.00% of the company’s stock.

Several equities analysts have commented on AMT shares. Credit Suisse Group reissued a “buy” rating and set a $300.00 target price on shares of American Tower in a research report on Friday. Barclays started coverage on shares of American Tower in a research report on Wednesday, July 15th. They set an “overweight” rating and a $296.00 target price on the stock. KeyCorp cut shares of American Tower from an “overweight” rating to a “sector weight” rating in a research report on Monday, July 13th. Deutsche Bank started coverage on shares of American Tower in a research report on Friday, June 5th. They set a “buy” rating and a $287.00 target price on the stock. Finally, Oppenheimer reissued a “buy” rating and set a $270.00 target price on shares of American Tower in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. American Tower presently has a consensus rating of “Buy” and an average price target of $271.54.

AMT stock traded down $1.10 during midday trading on Friday, reaching $261.39. 1,781,216 shares of the company’s stock traded hands, compared to its average volume of 1,350,829. The company has a 50-day moving average price of $260.39 and a two-hundred day moving average price of $244.08. The company has a debt-to-equity ratio of 6.88, a quick ratio of 0.64 and a current ratio of 0.61. American Tower Corp has a 52 week low of $174.32 and a 52 week high of $272.20. The firm has a market capitalization of $115.88 billion, a PE ratio of 60.65, a price-to-earnings-growth ratio of 2.25 and a beta of 0.45.

American Tower (NYSE:AMT) last issued its earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the previous year, the firm earned $2.01 EPS. The company’s revenue was up 1.2% compared to the same quarter last year. As a group, analysts predict that American Tower Corp will post 7.99 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 19th were issued a dividend of $1.10 per share. This is a boost from American Tower’s previous quarterly dividend of $1.08. The ex-dividend date was Thursday, June 18th. This represents a $4.40 dividend on an annualized basis and a yield of 1.68%. American Tower’s payout ratio is presently 56.92%.

In other news, EVP Olivier Puech sold 4,078 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $265.00, for a total transaction of $1,080,670.00. Following the completion of the transaction, the executive vice president now directly owns 21,663 shares in the company, valued at approximately $5,740,695. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the transaction, the chief accounting officer now owns 37,120 shares of the company’s stock, valued at $8,838,643.20. The disclosure for this sale can be found here. Insiders have sold a total of 13,220 shares of company stock worth $3,317,755 in the last three months. Insiders own 0.65% 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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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