American Tower Corporation $AMT Shares Sold by Knights of Columbus Asset Advisors LLC

Knights of Columbus Asset Advisors LLC reduced its stake in shares of American Tower Corporation (NYSE:AMT) by 22.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 78,927 shares of the real estate investment trust’s stock after selling 22,883 shares during the period. American Tower makes up about 0.9% of Knights of Columbus Asset Advisors LLC’s holdings, making the stock its 19th largest position. Knights of Columbus Asset Advisors LLC’s holdings in American Tower were worth $15,179,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of American Tower during the 2nd quarter valued at approximately $1,371,875,000. JPMorgan Chase & Co. raised its holdings in American Tower by 24.3% during the second quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock worth $2,799,458,000 after purchasing an additional 2,474,328 shares during the last quarter. Viking Global Investors LP boosted its position in American Tower by 233.5% during the second quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock worth $618,221,000 after purchasing an additional 1,958,329 shares in the last quarter. Invesco Ltd. grew its holdings in American Tower by 11.9% in the second quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock valued at $1,476,529,000 after purchasing an additional 708,808 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of American Tower by 13.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock valued at $796,790,000 after buying an additional 434,537 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the transaction, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $181.25 on Friday. The company has a market cap of $84.85 billion, a P/E ratio of 28.95, a P/E/G ratio of 0.74 and a beta of 0.92. The business has a fifty day simple moving average of $177.45 and a 200-day simple moving average of $190.82. American Tower Corporation has a 52 week low of $166.88 and a 52 week high of $234.33. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. American Tower had a return on equity of 28.79% and a net margin of 28.11%.The firm had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the company earned $2.52 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, December 29th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Monday, December 29th. American Tower’s payout ratio is presently 108.63%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. UBS Group lowered their price objective on shares of American Tower from $260.00 to $254.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Citigroup reiterated a “market outperform” rating on shares of American Tower in a research report on Wednesday, October 29th. TD Cowen reduced their target price on American Tower from $249.00 to $235.00 and set a “buy” rating on the stock in a research note on Wednesday, October 29th. BMO Capital Markets downgraded American Tower from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $210.00 to $185.00 in a research report on Friday, January 9th. Finally, Argus set a $210.00 price objective on American Tower in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $218.79.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.