Phoenix Financial Ltd. Lowers Stake in American Tower Corporation (NYSE:AMT)

Phoenix Financial Ltd. reduced its holdings in shares of American Tower Corporation (NYSE:AMT) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,546 shares of the real estate investment trust’s stock after selling 175 shares during the period. Phoenix Financial Ltd.’s holdings in American Tower were worth $338,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Stevens Capital Management LP lifted its position in American Tower by 253.3% during the 1st quarter. Stevens Capital Management LP now owns 24,128 shares of the real estate investment trust’s stock valued at $5,250,000 after acquiring an additional 17,298 shares during the period. Firetrail Investments PTY Ltd. lifted its position in American Tower by 3.5% during the 1st quarter. Firetrail Investments PTY Ltd. now owns 64,887 shares of the real estate investment trust’s stock valued at $14,272,000 after acquiring an additional 2,204 shares during the period. Wilkins Investment Counsel Inc. lifted its position in American Tower by 13.0% during the 1st quarter. Wilkins Investment Counsel Inc. now owns 40,750 shares of the real estate investment trust’s stock valued at $8,867,000 after acquiring an additional 4,685 shares during the period. Assetmark Inc. lifted its position in American Tower by 34.0% during the 1st quarter. Assetmark Inc. now owns 19,785 shares of the real estate investment trust’s stock valued at $4,305,000 after acquiring an additional 5,015 shares during the period. Finally, Cetera Investment Advisers lifted its position in American Tower by 8.4% during the 1st quarter. Cetera Investment Advisers now owns 111,461 shares of the real estate investment trust’s stock valued at $24,254,000 after acquiring an additional 8,633 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 0.6%

AMT opened at $229.75 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. The firm has a 50 day moving average price of $218.70 and a 200-day moving average price of $209.28. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The stock has a market capitalization of $107.55 billion, a price-to-earnings ratio of 59.06, a PEG ratio of 1.27 and a beta of 0.82.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.79 earnings per share. Equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 2.96%. American Tower’s dividend payout ratio (DPR) is 174.81%.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. Barclays lifted their target price on shares of American Tower from $223.00 to $246.00 and gave the stock an “overweight” rating in a report on Wednesday. Wells Fargo & Company lifted their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. UBS Group lifted their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Bank of America initiated coverage on shares of American Tower in a report on Monday, May 19th. They issued a “buy” rating and a $255.00 target price for the company. Finally, Royal Bank Of Canada lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $242.31.

American Tower Company 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.