State Board of Administration of Florida Retirement System Sells 6,592 Shares of American Tower Corp (AMT)
State Board of Administration of Florida Retirement System lessened its holdings in shares of American Tower Corp (NYSE:AMT) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 588,967 shares of the real estate investment trust’s stock after selling 6,592 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of American Tower worth $84,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Rhumbline Advisers increased its holdings in American Tower by 2.4% in the second quarter. Rhumbline Advisers now owns 852,856 shares of the real estate investment trust’s stock valued at $122,956,000 after buying an additional 20,188 shares in the last quarter. Cypress Wealth Services LLC purchased a new position in American Tower in the second quarter valued at $275,000. Nomura Asset Management Co. Ltd. increased its holdings in American Tower by 1.9% in the second quarter. Nomura Asset Management Co. Ltd. now owns 62,029 shares of the real estate investment trust’s stock valued at $8,942,000 after buying an additional 1,129 shares in the last quarter. Cobblestone Capital Advisors LLC NY increased its holdings in American Tower by 6.2% in the second quarter. Cobblestone Capital Advisors LLC NY now owns 71,321 shares of the real estate investment trust’s stock valued at $10,282,000 after buying an additional 4,192 shares in the last quarter. Finally, Brightworth increased its holdings in American Tower by 3.3% in the second quarter. Brightworth now owns 47,579 shares of the real estate investment trust’s stock valued at $6,859,000 after buying an additional 1,541 shares in the last quarter. 92.16% of the stock is owned by hedge funds and other institutional investors.
AMT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut shares of American Tower from an “overweight” rating to a “neutral” rating and set a $150.00 price objective for the company. in a report on Tuesday, July 10th. Zacks Investment Research cut shares of American Tower from a “hold” rating to a “sell” rating in a report on Friday, July 6th. ValuEngine cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, April 27th. SunTrust Banks reaffirmed a “buy” rating and issued a $167.00 price objective on shares of American Tower in a report on Friday, July 20th. Finally, Raymond James cut shares of American Tower from an “outperform” rating to a “market perform” rating in a report on Monday, July 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. American Tower has an average rating of “Buy” and an average target price of $161.56.
American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 31st. The real estate investment trust reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by ($1.04). The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.75 billion. American Tower had a return on equity of 16.72% and a net margin of 16.34%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.58 EPS. equities analysts anticipate that American Tower Corp will post 7.1 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 13th. Stockholders of record on Tuesday, June 19th were paid a dividend of $0.77 per share. The ex-dividend date of this dividend was Monday, June 18th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 2.06%. This is a boost from American Tower’s previous quarterly dividend of $0.75. American Tower’s payout ratio is currently 48.28%.
In other news, Chairman James D. Taiclet, Jr. sold 43,808 shares of the business’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $150.65, for a total transaction of $6,599,675.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edmund Disanto sold 15,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $149.53, for a total transaction of $2,242,950.00. The disclosure for this sale can be found here. Insiders have sold 191,658 shares of company stock valued at $27,328,763 in the last three months. Corporate insiders own 0.87% 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 over 160,000 communications sites. For more information about American Tower, please visit the ?Earnings Materials? and ?Company & Industry Resources? sections of our investor relations website at www.americantower.com.
Featured Article: What are the Different Types of Leveraged Buyouts?
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).
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.