Shell Asset Management Co. cut its holdings in American Tower Corp (NYSE:AMT) by 6.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,730 shares of the real estate investment trust’s stock after selling 2,619 shares during the period. Shell Asset Management Co.’s holdings in American Tower were worth $8,433,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CXI Advisors acquired a new position in American Tower in the fourth quarter valued at approximately $27,000. Brooktree Capital Management purchased a new stake in American Tower in the fourth quarter valued at approximately $29,000. MCF Advisors LLC purchased a new stake in American Tower in the first quarter valued at approximately $27,000. John W. Brooker & Co. CPAs purchased a new stake in American Tower in the first quarter valued at approximately $32,000. Finally, TI Trust Inc. purchased a new stake in American Tower in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 91.73% of the company’s stock.
Shares of American Tower stock traded up $14.27 during trading hours on Friday, reaching $242.43. 2,812,237 shares of the company were exchanged, compared to its average volume of 1,978,653. The firm has a market cap of $101.14 billion, a PE ratio of 56.78, a PEG ratio of 1.94 and a beta of 0.44. The stock’s fifty day moving average is $239.56 and its 200 day moving average is $229.48. The company has a debt-to-equity ratio of 6.91, a quick ratio of 0.57 and a current ratio of 0.57. American Tower Corp has a 1 year low of $174.32 and a 1 year high of $260.43.
American Tower (NYSE:AMT) last posted its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.12). The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. American Tower had a net margin of 24.55% and a return on equity of 35.63%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.84 EPS. Research analysts expect that American Tower Corp will post 8 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 19th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 1.81%. The ex-dividend date is Thursday, June 18th. This is a positive change from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio is 55.89%.
In related news, Director David E. Sharbutt sold 2,200 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $243.60, for a total value of $535,920.00. Following the transaction, the director now owns 4,097 shares of the company’s stock, valued at $998,029.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven O. Vondran sold 1,229 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $205.81, for a total value of $252,940.49. Following the completion of the transaction, the executive vice president now directly owns 27,469 shares in the company, valued at approximately $5,653,394.89. The disclosure for this sale can be found here. Insiders sold 14,392 shares of company stock worth $3,343,752 in the last three months. 0.65% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on AMT shares. Morgan Stanley boosted their target price on American Tower from $218.00 to $245.00 and gave the company an “equal weight” rating in a research report on Monday, April 27th. UBS Group raised American Tower from a “neutral” rating to a “buy” rating and set a $270.00 target price on the stock in a research report on Thursday, April 2nd. Oppenheimer raised American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 target price on the stock in a research report on Friday. New Street Research raised American Tower from a “neutral” rating to a “buy” rating in a research report on Thursday, March 12th. Finally, Edward Jones raised American Tower from a “hold” rating to a “buy” rating in a research report on Tuesday, March 24th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. American Tower presently has an average rating of “Buy” and a consensus price target of $257.38.
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 approximately 171,000 communications sites.
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