Utah Retirement Systems cut its stake in shares of American Tower Co. (REIT) (NYSE:AMT) by 4.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 84,698 shares of the real estate investment trust’s stock after selling 3,800 shares during the quarter. Utah Retirement Systems’ holdings in American Tower were worth $20,248,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in AMT. Wagner Wealth Management LLC acquired a new position in shares of American Tower during the first quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the first quarter worth about $27,000. Vantage Consulting Group Inc acquired a new position in American Tower in the fourth quarter valued at approximately $28,000. Albion Financial Group UT acquired a new position in American Tower in the fourth quarter valued at approximately $30,000. Finally, Brand Asset Management Group Inc. acquired a new position in American Tower in the first quarter valued at approximately $30,000. 87.05% of the stock is owned by institutional investors and hedge funds.
American Tower stock traded down $2.23 during trading hours on Thursday, hitting $278.03. The stock had a trading volume of 17,654 shares, compared to its average volume of 1,428,436. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 6.45. The company has a market cap of $126.17 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.18 and a beta of 0.24. American Tower Co. has a 1-year low of $197.50 and a 1-year high of $284.65. The firm has a fifty day simple moving average of $266.16.
The company also recently announced a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Friday, June 18th were issued a $1.27 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Thursday, June 17th. This represents a $5.08 annualized dividend and a yield of 1.83%. American Tower’s dividend payout ratio is 60.19%.
A number of brokerages recently issued reports on AMT. Deutsche Bank Aktiengesellschaft upped their price target on American Tower from $250.00 to $295.00 and gave the company a “hold” rating in a report on Thursday, July 8th. They noted that the move was a valuation call. Raymond James increased their price objective on American Tower from $244.00 to $261.00 and gave the company an “outperform” rating in a report on Tuesday, May 4th. Wells Fargo & Company increased their price objective on American Tower from $280.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, July 16th. Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating in a report on Tuesday, July 13th. Finally, Morgan Stanley increased their price objective on American Tower from $248.00 to $262.00 and gave the company an “equal weight” rating in a report on Monday, April 19th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $283.73.
In related news, EVP Steven O. Vondran sold 8,046 shares of the stock in a transaction on Monday, July 12th. The stock was sold at an average price of $279.09, for a total transaction of $2,245,558.14. Following the sale, the executive vice president now owns 25,755 shares of the company’s stock, valued at $7,187,962.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amit Sharma sold 40,276 shares of the stock in a transaction on Monday, May 10th. The shares were sold at an average price of $248.48, for a total value of $10,007,780.48. Following the sale, the chief executive officer now directly owns 259,622 shares in the company, valued at approximately $64,510,874.56. The disclosure for this sale can be found here. Insiders sold 68,612 shares of company stock worth $17,312,747 in the last three months. 0.68% of the stock is owned by corporate insiders.
About American Tower
American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.
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