Sumitomo Mitsui Asset Management Company LTD lowered its holdings in shares of American Tower Corp (NYSE:AMT) by 6.9% during the 1st quarter, HoldingsChannel reports. The fund owned 96,116 shares of the real estate investment trust’s stock after selling 7,135 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in American Tower were worth $18,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. Reilly Financial Advisors LLC grew its holdings in shares of American Tower by 15.3% in the 1st quarter. Reilly Financial Advisors LLC now owns 406 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 54 shares during the last quarter. Webster Bank N. A. grew its holdings in shares of American Tower by 4.9% in the 1st quarter. Webster Bank N. A. now owns 1,247 shares of the real estate investment trust’s stock worth $246,000 after acquiring an additional 58 shares during the last quarter. Conning Inc. grew its holdings in shares of American Tower by 0.6% in the 1st quarter. Conning Inc. now owns 10,652 shares of the real estate investment trust’s stock worth $2,099,000 after acquiring an additional 60 shares during the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of American Tower by 4.7% in the 4th quarter. Cornerstone Advisors Inc. now owns 1,413 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 64 shares during the last quarter. Finally, FTB Advisors Inc. grew its holdings in shares of American Tower by 4.1% in the 1st quarter. FTB Advisors Inc. now owns 1,660 shares of the real estate investment trust’s stock worth $327,000 after acquiring an additional 65 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.
In other American Tower news, EVP Amit Sharma sold 32,500 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $194.35, for a total value of $6,316,375.00. Following the completion of the sale, the executive vice president now owns 177,193 shares of the company’s stock, valued at $34,437,459.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman James D. Taiclet, Jr. sold 57,439 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $194.31, for a total value of $11,160,972.09. Following the completion of the sale, the chairman now directly owns 255,415 shares of the company’s stock, valued at approximately $49,629,688.65. The disclosure for this sale can be found here. Insiders sold 215,886 shares of company stock valued at $41,935,090 in the last ninety days. Insiders own 0.75% of the company’s stock.
AMT has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Monday, March 11th. Oppenheimer reiterated a “market perform” rating and set a $173.00 price target on shares of American Tower in a report on Thursday, February 28th. They noted that the move was a valuation call. Citigroup lifted their price target on American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Royal Bank of Canada lifted their price target on American Tower from $173.00 to $195.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. Finally, Bank of America lifted their price target on American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $180.44.
AMT traded down $0.13 during trading on Friday, reaching $201.89. 420,333 shares of the stock traded hands, compared to its average volume of 1,246,633. The stock has a market cap of $89.30 billion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.64 and a beta of 0.66. American Tower Corp has a fifty-two week low of $134.87 and a fifty-two week high of $203.38. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 4.31.
American Tower (NYSE:AMT) last released its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.80 billion. American Tower had a return on equity of 22.61% and a net margin of 17.95%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 earnings per share. As a group, sell-side analysts forecast that American Tower Corp will post 7.51 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Thursday, April 11th were given a $0.90 dividend. The ex-dividend date was Wednesday, April 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.78%. This is a boost from American Tower’s previous quarterly dividend of $0.84. American Tower’s payout ratio is currently 45.06%.
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 approximately 171,000 communications sites.
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