Sarasin & Partners LLP Lowers Holdings in American Tower Corporation $AMT

Sarasin & Partners LLP cut its holdings in American Tower Corporation (NYSE:AMT) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 849,693 shares of the real estate investment trust’s stock after selling 13,473 shares during the quarter. American Tower makes up about 1.6% of Sarasin & Partners LLP’s investment portfolio, making the stock its 21st largest position. Sarasin & Partners LLP owned approximately 0.18% of American Tower worth $138,984,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. J. Stern & Co. LLP increased its holdings in shares of American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock valued at $6,616,703,000 after acquiring an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock worth $1,705,254,000 after acquiring an additional 9,666,025 shares in the last quarter. Norges Bank purchased a new stake in shares of American Tower during the 4th quarter valued at $1,171,180,000. Lazard Asset Management LLC boosted its position in shares of American Tower by 1,984.8% in the 3rd quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust’s stock worth $858,552,000 after purchasing an additional 4,250,242 shares in the last quarter. Finally, Capital International Investors boosted its position in shares of American Tower by 157.0% in the 4th quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust’s stock worth $679,696,000 after purchasing an additional 2,364,898 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of AMT opened at $170.86 on Friday. American Tower Corporation has a one year low of $160.06 and a one year high of $214.79. The stock has a market cap of $79.60 billion, a P/E ratio of 23.50, a P/E/G ratio of 2.67 and a beta of 0.90. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a 50-day moving average of $174.80 and a two-hundred day moving average of $178.24.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were issued a $1.79 dividend. This represents a $7.16 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, June 12th. American Tower’s dividend payout ratio is 98.49%.

Insiders Place Their Bets

In other American Tower news, CFO Robert Joseph Meyer sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the sale, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares in the company, valued at $4,848,316.56. The trade was a 3.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,791 shares of company stock worth $1,204,091 in the last quarter. Company insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AMT. The Goldman Sachs Group set a $210.00 target price on American Tower in a research report on Tuesday, July 28th. BMO Capital Markets raised their price target on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. Royal Bank Of Canada upgraded shares of American Tower from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $195.00 to $205.00 in a report on Friday, June 26th. TD Cowen increased their price objective on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Finally, Barclays lowered their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.

American Tower Company 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.