King Luther Capital Management Corp Acquires 17,594 Shares of American Tower Co. (NYSE:AMT)

King Luther Capital Management Corp grew its holdings in shares of American Tower Co. (NYSE:AMT) by 8.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 217,857 shares of the real estate investment trust’s stock after buying an additional 17,594 shares during the quarter. King Luther Capital Management Corp’s holdings in American Tower were worth $42,347,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Meyer Handelman Co. bought a new position in American Tower in the first quarter worth approximately $801,000. TD Asset Management Inc lifted its holdings in American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after buying an additional 51,882 shares during the period. Kingsview Wealth Management LLC lifted its holdings in American Tower by 13.8% during the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after buying an additional 4,660 shares during the period. Tidal Investments LLC lifted its holdings in American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after buying an additional 4,430 shares during the period. Finally, Cetera Advisors LLC lifted its holdings in American Tower by 29.0% during the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after buying an additional 9,275 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Barclays lowered their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Mizuho upped their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $233.29.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by company insiders.

American Tower Trading Down 1.5 %

American Tower stock opened at $232.31 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56. The company has a market capitalization of $108.48 billion, a price-to-earnings ratio of 52.56, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. The stock has a 50-day moving average price of $224.08 and a 200 day moving average price of $202.24.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. The company’s revenue was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is presently 146.61%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.