American Tower Corporation (NYSE:AMT) Stake Lessened by Public Sector Pension Investment Board

Public Sector Pension Investment Board trimmed its holdings in shares of American Tower Corporation (NYSE:AMT) by 52.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 170,958 shares of the real estate investment trust’s stock after selling 189,441 shares during the period. Public Sector Pension Investment Board’s holdings in American Tower were worth $37,200,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after purchasing an additional 2,104 shares during the period. Renaissance Technologies LLC grew its stake in American Tower by 158.6% in the 4th quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust’s stock valued at $21,246,000 after buying an additional 71,039 shares during the last quarter. Covestor Ltd grew its stake in American Tower by 78.0% in the 4th quarter. Covestor Ltd now owns 429 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 188 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in American Tower by 1.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 94,931 shares of the real estate investment trust’s stock worth $17,417,000 after purchasing an additional 1,046 shares during the last quarter. Finally, Sagespring Wealth Partners LLC acquired a new stake in American Tower in the 4th quarter worth $580,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of AMT opened at $206.51 on Monday. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The firm has a fifty day simple moving average of $218.37 and a 200 day simple moving average of $211.41. The stock has a market capitalization of $96.70 billion, a price-to-earnings ratio of 75.09, a PEG ratio of 1.18 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm’s revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.79 earnings per share. Research analysts forecast that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, June 13th. American Tower’s dividend payout ratio (DPR) is currently 247.27%.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the transaction, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AMT. Royal Bank Of Canada raised their price target on shares of American Tower from $250.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Scotiabank boosted their price target on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. Wells Fargo & Company dropped their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. JMP Securities boosted their target price on shares of American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research note on Tuesday, July 29th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $243.88.

American Tower 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.