Ninety One SA PTY Ltd reduced its stake in shares of American Tower Corp (NYSE:AMT) by 62.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,470 shares of the real estate investment trust’s stock after selling 2,421 shares during the quarter. Ninety One SA PTY Ltd’s holdings in American Tower were worth $378,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC acquired a new stake in American Tower during the second quarter worth about $455,454,000. BlackRock Inc. boosted its position in shares of American Tower by 5.2% during the 2nd quarter. BlackRock Inc. now owns 32,875,452 shares of the real estate investment trust’s stock worth $8,499,618,000 after acquiring an additional 1,636,978 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in American Tower by 73.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,811,329 shares of the real estate investment trust’s stock valued at $985,381,000 after acquiring an additional 1,619,316 shares during the last quarter. Brookfield Asset Management Inc. acquired a new position in American Tower during the second quarter valued at approximately $283,036,000. Finally, Cohen & Steers Inc. lifted its stake in American Tower by 10.6% during the first quarter. Cohen & Steers Inc. now owns 9,985,028 shares of the real estate investment trust’s stock worth $2,174,240,000 after purchasing an additional 953,901 shares during the last quarter. Institutional investors own 90.60% of the company’s stock.
A number of equities analysts have recently commented on AMT shares. Morgan Stanley boosted their price target on American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a report on Monday, June 1st. Credit Suisse Group reissued a “buy” rating and issued a $300.00 target price on shares of American Tower in a report on Friday, July 31st. Zacks Investment Research raised shares of American Tower from a “sell” rating to a “hold” rating and set a $273.00 price target on the stock in a report on Monday, June 29th. Oppenheimer assumed coverage on shares of American Tower in a research report on Tuesday, August 11th. They set a “buy” rating and a $290.00 price objective for the company. Finally, Barclays started coverage on shares of American Tower in a research report on Wednesday, July 15th. They issued an “overweight” rating and a $296.00 target price on the stock. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $273.08.
American Tower (NYSE:AMT) last issued its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.99). The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.95 billion. American Tower had a return on equity of 39.62% and a net margin of 24.70%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.01 EPS. On average, equities analysts expect that American Tower Corp will post 8 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Monday, September 28th will be paid a $1.14 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend is Friday, September 25th. This represents a $4.56 annualized dividend and a dividend yield of 1.73%. American Tower’s dividend payout ratio is presently 56.92%.
In related news, EVP Steven O. Vondran sold 1,334 shares of American Tower stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $259.00, for a total transaction of $345,506.00. Following the completion of the transaction, the executive vice president now owns 22,224 shares of the company’s stock, valued at $5,756,016. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Olivier Puech sold 415 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $266.70, for a total transaction of $110,680.50. The disclosure for this sale can be found here. Insiders have sold 8,715 shares of company stock valued at $2,269,703 over the last 90 days. 0.65% of the stock is owned by corporate insiders.
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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