Kayne Anderson Rudnick Investment Management LLC Cuts Stake in American Tower Co. (AMT)

Kayne Anderson Rudnick Investment Management LLC decreased its position in shares of American Tower Co. (NYSE:AMT) by 21.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 18,836 shares of the real estate investment trust’s stock after selling 5,257 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in American Tower were worth $2,738,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Quadrant Capital Management LLC bought a new position in shares of American Tower during the 1st quarter worth $1,326,000. Novare Capital Management LLC grew its stake in shares of American Tower by 3.6% during the 1st quarter. Novare Capital Management LLC now owns 35,512 shares of the real estate investment trust’s stock worth $5,161,000 after acquiring an additional 1,240 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of American Tower by 16.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 35,865 shares of the real estate investment trust’s stock worth $5,212,000 after acquiring an additional 5,102 shares during the period. Alphinity Investment Management Pty Ltd grew its stake in shares of American Tower by 170.7% during the 1st quarter. Alphinity Investment Management Pty Ltd now owns 105,881 shares of the real estate investment trust’s stock worth $15,389,000 after acquiring an additional 66,772 shares during the period. Finally, Pegasus Partners Ltd. grew its stake in shares of American Tower by 15.3% during the 1st quarter. Pegasus Partners Ltd. now owns 11,683 shares of the real estate investment trust’s stock worth $1,698,000 after acquiring an additional 1,551 shares during the period. Institutional investors own 92.22% of the company’s stock.

In other American Tower news, EVP Amit Sharma sold 32,943 shares of the firm’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $138.82, for a total value of $4,573,147.26. Following the sale, the executive vice president now owns 111,558 shares of the company’s stock, valued at approximately $15,486,481.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joann A. Reed sold 845 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $146.83, for a total value of $124,071.35. The disclosure for this sale can be found here. Insiders have sold a total of 65,579 shares of company stock worth $9,319,595 in the last three months. 0.87% of the stock is currently owned by insiders.



AMT has been the subject of several research reports. Zacks Investment Research downgraded American Tower from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. KeyCorp set a $171.00 price target on American Tower and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Citigroup cut their price target on American Tower from $169.00 to $162.00 and set a “buy” rating for the company in a research note on Monday, March 5th. Morgan Stanley cut their price target on American Tower from $161.00 to $157.00 and set an “overweight” rating for the company in a research note on Friday, March 16th. Finally, ValuEngine downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have given a buy rating to the company’s stock. American Tower currently has an average rating of “Buy” and an average price target of $160.38.

Shares of AMT opened at $136.33 on Friday. The stock has a market cap of $59.84 billion, a P/E ratio of 20.13, a P/E/G ratio of 1.53 and a beta of 0.77. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.83 and a current ratio of 0.83. American Tower Co. has a 52-week low of $125.24 and a 52-week high of $155.28.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, May 1st. The real estate investment trust reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.68 by ($1.05). The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.73 billion. American Tower had a return on equity of 17.03% and a net margin of 17.51%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period last year, the company posted $1.68 EPS. research analysts expect that American Tower Co. will post 7.05 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Tuesday, June 19th will be issued a dividend of $0.77 per share. This is a boost from American Tower’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, June 18th. This represents a $3.08 dividend on an annualized basis and a yield of 2.26%. American Tower’s dividend payout ratio is 47.02%.

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 150,000 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.

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

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