Resolution Capital Ltd Purchases 1,133,323 Shares of American Tower Corp (AMT)

Resolution Capital Ltd increased its position in shares of American Tower Corp (NYSE:AMT) by 291.1% during the 3rd quarter, Holdings Channel reports. The fund owned 1,522,702 shares of the real estate investment trust’s stock after buying an additional 1,133,323 shares during the quarter. American Tower accounts for about 6.5% of Resolution Capital Ltd’s investment portfolio, making the stock its 4th biggest holding. Resolution Capital Ltd’s holdings in American Tower were worth $187,429,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AMT. Gulf International Bank UK Ltd raised its holdings in American Tower by 5.7% during the 3rd quarter. Gulf International Bank UK Ltd now owns 151,804 shares of the real estate investment trust’s stock worth $22,057,000 after buying an additional 8,194 shares during the period. Mn Services Vermogensbeheer B.V. raised its holdings in American Tower by 1.7% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 70,847 shares of the real estate investment trust’s stock worth $10,294,000 after buying an additional 1,200 shares during the period. Chicago Capital LLC raised its holdings in American Tower by 9.3% during the 3rd quarter. Chicago Capital LLC now owns 5,125 shares of the real estate investment trust’s stock worth $745,000 after buying an additional 435 shares during the period. Cadence Capital Management LLC raised its holdings in shares of American Tower by 65.5% in the third quarter. Cadence Capital Management LLC now owns 17,600 shares of the real estate investment trust’s stock valued at $2,557,000 after purchasing an additional 6,964 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of American Tower by 1.3% in the third quarter. CIBC Asset Management Inc now owns 41,367 shares of the real estate investment trust’s stock valued at $6,011,000 after purchasing an additional 532 shares during the last quarter. 93.24% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:AMT traded up $1.24 during midday trading on Wednesday, hitting $157.40. The stock had a trading volume of 4,043 shares, compared to its average volume of 2,698,475. American Tower Corp has a 12 month low of $130.37 and a 12 month high of $161.71. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 3.11. The stock has a market capitalization of $67.03 billion, a PE ratio of 24.68, a P/E/G ratio of 1.47 and a beta of 0.59.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business earned $1.73 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. On average, equities analysts predict that American Tower Corp will post 7.58 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Investors of record on Friday, September 28th were paid a $0.79 dividend. The ex-dividend date was Thursday, September 27th. This is a boost from American Tower’s previous quarterly dividend of $0.77. This represents a $3.16 annualized dividend and a dividend yield of 2.01%. American Tower’s dividend payout ratio (DPR) is currently 49.53%.

In other American Tower news, Director Pamela D. A. Reeve sold 7,152 shares of American Tower stock in a transaction on Monday, August 13th. The shares were sold at an average price of $148.92, for a total transaction of $1,065,075.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven C. Marshall sold 163,166 shares of American Tower stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $156.86, for a total transaction of $25,594,218.76. The disclosure for this sale can be found here. Insiders sold 183,318 shares of company stock valued at $28,567,435 over the last three months. 0.87% of the stock is owned by company insiders.

A number of analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of American Tower from a “sell” rating to a “hold” rating in a report on Thursday, October 18th. Citigroup downgraded shares of American Tower from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $161.00 to $176.00 in a report on Wednesday, October 31st. Barclays lifted their price objective on shares of American Tower from $156.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, October 31st. Bank of America set a $172.00 price objective on shares of American Tower and gave the company a “buy” rating in a report on Wednesday, October 31st. Finally, Royal Bank of Canada lifted their price objective on shares of American Tower to $173.00 and gave the company an “outperform” rating in a report on Thursday, November 1st. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $164.20.

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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 170,000 communications sites.

See Also: Dividend Aristocrat Index

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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