Hudson Canyon Capital Management Has $1.63 Million Position in American Tower Co. (NYSE:AMT)

Hudson Canyon Capital Management raised its position in American Tower Co. (NYSE:AMT) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,376 shares of the real estate investment trust’s stock after purchasing an additional 263 shares during the quarter. Hudson Canyon Capital Management’s holdings in American Tower were worth $1,628,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Meyer Handelman Co. bought a new stake in American Tower during the 1st quarter worth approximately $801,000. TD Asset Management Inc grew its stake in shares of American Tower by 23.2% in 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 purchasing an additional 51,882 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after purchasing an additional 4,660 shares during the period. Berkeley Capital Partners LLC raised its position in American Tower by 3.5% during the 4th quarter. Berkeley Capital Partners LLC now owns 3,895 shares of the real estate investment trust’s stock worth $841,000 after purchasing an additional 130 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in American Tower by 27.7% during the 1st 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. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Up 0.2 %

AMT stock traded up $0.54 during midday trading on Friday, reaching $224.06. 1,796,764 shares of the company’s stock traded hands, compared to its average volume of 2,367,787. 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 firm’s fifty day moving average price is $212.85 and its 200-day moving average price is $197.88. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $236.13. The company has a market cap of $104.65 billion, a price-to-earnings ratio of 50.69, a P/E/G ratio of 1.51 and a beta of 0.81.

American Tower (NYSE:AMT) last posted 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). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the previous year, the firm earned $2.46 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts forecast that American Tower Co. will post 10.05 earnings per share for the current fiscal year.

Insider Transactions at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders sold a total of 37,227 shares of company stock valued at $8,497,458 over the last ninety days. 0.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. BMO Capital Markets reiterated an “outperform” rating and issued a $246.00 target price (up from $225.00) on shares of American Tower in a report on Wednesday, July 31st. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Scotiabank boosted their target price on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Barclays cut their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, Wells Fargo & Company lifted their price objective on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $231.14.

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.