Akre Capital Management buys $667.3 Million stake in American Tower Corp (AMT)

American Tower Corp (AMT) : Akre Capital Management scooped up 4,359 additional shares in American Tower Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 6,313,375 shares of American Tower Corp which is valued at $667.3 Million.American Tower Corp makes up approximately 14.13% of Akre Capital Management’s portfolio.

Other Hedge Funds, Including , Public Sector Pension Investment Board reduced its stake in AMT by selling 39,600 shares or 36.62% in the most recent quarter. The Hedge Fund company now holds 68,548 shares of AMT which is valued at $7.2 Million. American Tower Corp makes up approx 0.09% of Public Sector Pension Investment Board’s portfolio.Canada Pension Plan Investment Board boosted its stake in AMT in the latest quarter, The investment management firm added 112,607 additional shares and now holds a total of 252,141 shares of American Tower Corp which is valued at $26.7 Million. American Tower Corp makes up approx 0.11% of Canada Pension Plan Investment Board’s portfolio.Edgewood Management boosted its stake in AMT in the latest quarter, The investment management firm added 376,743 additional shares and now holds a total of 6,233,086 shares of American Tower Corp which is valued at $658.8 Million. American Tower Corp makes up approx 4.77% of Edgewood Management’s portfolio.Teachers Advisors Inc reduced its stake in AMT by selling 44,190 shares or 3.36% in the most recent quarter. The Hedge Fund company now holds 1,272,944 shares of AMT which is valued at $135.7 Million. American Tower Corp makes up approx 0.25% of Teachers Advisors Inc’s portfolio.Bronfman E.l. Rothschild boosted its stake in AMT in the latest quarter, The investment management firm added 12 additional shares and now holds a total of 575 shares of American Tower Corp which is valued at $61,278. American Tower Corp makes up approx 0.01% of Bronfman E.l. Rothschild’s portfolio.

American Tower Corp opened for trading at $106 and hit $106.47 on the upside on Wednesday, eventually ending the session at $106.17, with a gain of 0.83% or 0.87 points. The heightened volatility saw the trading volume jump to 13,11,783 shares. Company has a market cap of $45,082 M.

On the company’s financial health, American Tower Corp reported $1.41 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Apr 29, 2016. Analyst had a consensus of $1.26. The company had revenue of $1289.00 million for the quarter, compared to analysts expectations of $1286.27 million. The company’s revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS.

Many Wall Street Analysts have commented on American Tower Corp. Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 132 from a previous price target of $128 .Company shares were Reiterated by RBC Capital Mkts on Mar 1, 2016 to “Outperform”, Firm has raised the Price Target to $ 128 from a previous price target of $122 .Company shares were Reiterated by Barclays on Feb 29, 2016 to “Overweight”, Firm has raised the Price Target to $ 109 from a previous price target of $107 .

American Tower Corporation is an independent owner operator and developer of communications real estate. The Company is engaged in the leasing of space on multi-tenant communications sites to wireless service providers radio and television broadcast companies wireless data and data providers government agencies and municipalities and tenants in a number of other industries. It has a portfolio of over 87000 communications sites. The Company’s continuing operations are managed through three segments: Domestic Rental and Management which includes its property interests that it leases to communications service providers and third-party tower operators in the United States; International Rental and Management which includes its interests in international communications sites and Network Development Services which offers tower-related services domestically including site acquisition zoning and permitting services and structural analysis services.

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