Kayne Anderson Rudnick Investment Management LLC Has $2.23 Million Stake in American Tower Co. (NYSE:AMT)

Kayne Anderson Rudnick Investment Management LLC lowered its stake in shares of American Tower Co. (NYSE:AMT) by 4.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,451 shares of the real estate investment trust’s stock after selling 492 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in American Tower were worth $2,226,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in AMT. Summit Trail Advisors LLC lifted its position in shares of American Tower by 16.3% in the 2nd quarter. Summit Trail Advisors LLC now owns 5,671 shares of the real estate investment trust’s stock worth $1,111,000 after acquiring an additional 795 shares during the period. Capstone Triton Financial Group LLC raised its stake in shares of American Tower by 7.3% in the second quarter. Capstone Triton Financial Group LLC now owns 6,650 shares of the real estate investment trust’s stock valued at $1,293,000 after purchasing an additional 451 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in American Tower by 0.5% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 92,856 shares of the real estate investment trust’s stock worth $18,049,000 after purchasing an additional 503 shares during the period. AE Wealth Management LLC boosted its stake in American Tower by 7.5% during the second quarter. AE Wealth Management LLC now owns 17,102 shares of the real estate investment trust’s stock worth $3,324,000 after buying an additional 1,198 shares in the last quarter. Finally, King Luther Capital Management Corp increased its holdings in American Tower by 8.8% in the 2nd quarter. King Luther Capital Management Corp now owns 217,857 shares of the real estate investment trust’s stock valued at $42,347,000 after buying an additional 17,594 shares during the period. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the firm’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 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 legal filing with the SEC, which is available through this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated 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 transaction, 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. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMT. BMO Capital Markets lifted their target price on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday. Royal Bank of Canada upped their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Finally, The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

American Tower Price Performance

AMT opened at $236.24 on Tuesday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $110.32 billion, a P/E ratio of 53.45, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. The company’s 50 day simple moving average is $225.12 and its 200-day simple moving average is $202.62. American Tower Co. has a one year low of $154.58 and a one year high of $243.56.

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

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

About American Tower

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.