Ameriprise Financial Inc. Raises Holdings in American Tower Co. (NYSE:AMT)

Ameriprise Financial Inc. raised its holdings in American Tower Co. (NYSE:AMT) by 41.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,395,906 shares of the real estate investment trust’s stock after purchasing an additional 1,885,421 shares during the quarter. Ameriprise Financial Inc. owned 1.37% of American Tower worth $1,243,333,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Accretive Wealth Partners LLC lifted its position in American Tower by 9.4% in the fourth quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock valued at $958,000 after buying an additional 380 shares during the last quarter. Aveo Capital Partners LLC purchased a new stake in shares of American Tower in the 4th quarter valued at approximately $344,000. Gryphon Financial Partners LLC lifted its holdings in shares of American Tower by 17.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 10,950 shares of the real estate investment trust’s stock worth $2,472,000 after acquiring an additional 1,620 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of American Tower by 3.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 13,818 shares of the real estate investment trust’s stock worth $2,986,000 after purchasing an additional 438 shares during the period. Finally, TD Asset Management Inc increased its holdings in American Tower by 23.2% in the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $14,223,890. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other American Tower 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 owns 61,843 shares in the company, valued at $14,223,890. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Olivier Puech sold 10,005 shares of the firm’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 transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. Corporate insiders own 0.18% of the company’s stock.

American Tower Price Performance

AMT stock opened at $235.69 on Thursday. The business has a 50 day moving average price of $225.65 and a 200 day moving average price of $202.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock has a market cap of $110.09 billion, a price-to-earnings ratio of 53.32, a PEG ratio of 1.08 and a beta of 0.83. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 EPS. Equities research analysts anticipate that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.75%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AMT. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company upped their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. BMO Capital Markets raised their price target 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. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $234.00.

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.