American Tower Corp (AMT) Stake Lowered by Everence Capital Management Inc.

Everence Capital Management Inc. cut its holdings in shares of American Tower Corp (NYSE:AMT) by 11.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 10,912 shares of the real estate investment trust’s stock after selling 1,470 shares during the period. Everence Capital Management Inc.’s holdings in American Tower were worth $2,150,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Moors & Cabot Inc. acquired a new stake in American Tower during the 1st quarter worth approximately $228,000. Peoples Bank OH acquired a new stake in American Tower during the 1st quarter worth approximately $262,000. CIBC Asset Management Inc lifted its holdings in American Tower by 10.8% during the 1st quarter. CIBC Asset Management Inc now owns 44,886 shares of the real estate investment trust’s stock worth $8,845,000 after buying an additional 4,359 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in American Tower by 307.1% during the 1st quarter. Teacher Retirement System of Texas now owns 38,423 shares of the real estate investment trust’s stock worth $7,572,000 after buying an additional 28,985 shares in the last quarter. Finally, Perpetual Ltd lifted its holdings in American Tower by 33.6% during the 1st quarter. Perpetual Ltd now owns 25,166 shares of the real estate investment trust’s stock worth $4,959,000 after buying an additional 6,328 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

In other news, Director David E. Sharbutt sold 2,035 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $192.15, for a total value of $391,025.25. Following the completion of the sale, the director now owns 1,897 shares in the company, valued at approximately $364,508.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joann A. Reed sold 1,538 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $175.61, for a total transaction of $270,088.18. The disclosure for this sale can be found here. Insiders sold a total of 171,718 shares of company stock valued at $33,175,251 in the last 90 days. Company insiders own 0.75% of the company’s stock.

A number of equities research analysts have issued reports on the stock. Bank of America increased their target price on shares of American Tower from $172.00 to $208.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Royal Bank of Canada increased their target price on shares of American Tower from $195.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, May 9th. Morgan Stanley increased their target price on shares of American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Monday, March 11th. Wells Fargo & Co lowered shares of American Tower from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $190.00 to $196.00 in a report on Monday, April 15th. They noted that the move was a valuation call. Finally, Oppenheimer downgraded shares of American Tower from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 28th. Twelve analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $180.44.

Shares of American Tower stock opened at $198.07 on Thursday. American Tower Corp has a 1 year low of $134.87 and a 1 year high of $201.20. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 4.31. The firm has a market cap of $87.03 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 1.61 and a beta of 0.66.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.04. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the firm posted $0.63 EPS. American Tower’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, research analysts forecast that American Tower Corp will post 7.51 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Thursday, April 11th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.82%. The ex-dividend date was Wednesday, April 10th. This is a boost from American Tower’s previous quarterly dividend of $0.84. American Tower’s dividend payout ratio (DPR) is 45.06%.

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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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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