Prudential PLC Sells 18,120 Shares of American Tower Corporation (NYSE:AMT)

Prudential PLC decreased its holdings in shares of American Tower Corporation (NYSE:AMT) by 15.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,350 shares of the real estate investment trust’s stock after selling 18,120 shares during the quarter. Prudential PLC’s holdings in American Tower were worth $21,836,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Brighton Jones LLC raised its position in shares of American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after buying an additional 2,104 shares in the last quarter. Renaissance Technologies LLC raised its position in American Tower by 158.6% during the fourth quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust’s stock valued at $21,246,000 after purchasing an additional 71,039 shares during the period. Covestor Ltd lifted its stake in shares of 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 purchasing an additional 188 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of 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 period. Finally, Sagespring Wealth Partners LLC bought a new position in shares of American Tower during the 4th quarter valued at approximately $580,000. Institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price objective 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. Royal Bank Of Canada raised their target price on shares of American Tower from $250.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Scotiabank lifted their price target on shares of American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 30th. UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Finally, JMP Securities boosted their target price on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $243.88.

American Tower Price Performance

Shares of AMT stock opened at $206.00 on Tuesday. The firm has a market capitalization of $96.46 billion, a price-to-earnings ratio of 74.91, a PEG ratio of 1.18 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The stock’s 50-day simple moving average is $218.21 and its 200-day simple moving average is $211.56. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

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

American Tower Announces Dividend

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

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.