American Tower Corporation $AMT Shares Sold by AEGON ASSET MANAGEMENT UK Plc

Key Points

• AEGON Asset Management UK cut its American Tower stake by 67.7% in the third quarter, selling 101,705 shares and retaining 48,461 shares valued at about $7.9 million.
• American Tower reported quarterly EPS of $1.64, in line with estimates, while revenue of $2.79 billion topped expectations and rose 2.5% year over year.
• The company authorized up to $2 billion in share repurchases and declared a quarterly dividend of $1.79 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $216.11.

AEGON ASSET MANAGEMENT UK Plc lowered its position in American Tower Corporation (NYSE:AMT - Free Report) by 67.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,461 shares of the real estate investment trust's stock after selling 101,705 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in American Tower were worth $7,933,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AMT. BlackRock Inc. bought a new position in shares of American Tower in the 2nd quarter valued at about $7,490,943,000. State Street Corp grew its holdings in shares of American Tower by 2.9% in the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust's stock worth $3,647,491,000 after purchasing an additional 631,593 shares during the last quarter. Lazard Asset Management LLC increased its stake in American Tower by 20.4% in the 1st quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust's stock worth $1,264,311,000 after buying an additional 1,240,780 shares during the period. Deutsche Bank AG bought a new stake in American Tower during the 2nd quarter valued at about $1,096,186,000. Finally, Legal & General Group Plc lifted its holdings in American Tower by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust's stock valued at $793,944,000 after buying an additional 27,929 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

Shares of AMT opened at $188.98 on Tuesday. The business's 50-day moving average is $177.51 and its two-hundred day moving average is $177.70. The company has a market capitalization of $88.06 billion, a P/E ratio of 17.63, a P/E/G ratio of 3.52 and a beta of 0.85. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $202.50. The company has a debt-to-equity ratio of 3.30, a quick ratio of 0.51 and a current ratio of 0.51.

American Tower (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 EPS for the quarter, hitting analysts' consensus estimates of $1.64. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The company's revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.78 earnings per share. Research analysts predict that American Tower Corporation will post 10.80 earnings per share for the current year.

American Tower announced that its Board of Directors has initiated a share buyback program on Tuesday, October 27th that permits the company to buy back $2 billion in shares. This repurchase authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Share repurchase programs are usually an indication that the company's board believes its stock is undervalued.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Investors of record on Wednesday, September 30th were given a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower's dividend payout ratio is 100.99%.

Insider Activity

In related news, EVP Ruth T. Dowling sold 952 shares of American Tower stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $185.81, for a total value of $176,891.12. Following the sale, the executive vice president directly owned 26,133 shares in the company, valued at approximately $4,855,772.73. The trade was a 3.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of the business's stock in a transaction on Friday, August 21st. The shares were purchased at an average price of $177.00 per share, with a total value of $500,733.00. Following the completion of the purchase, the director owned 7,765 shares in the company, valued at $1,374,405. This represents a 57.31% increase in their position. The SEC filing for this purchase provides additional information. 0.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AMT shares. Sanford C. Bernstein lowered their price objective on shares of American Tower from $214.00 to $212.00 and set an "outperform" rating for the company in a research report on Tuesday, October 20th. Argus restated a "buy" rating and set a $210.00 price objective on shares of American Tower in a report on Thursday, November 5th. Jefferies Financial Group decreased their target price on American Tower from $210.00 to $201.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 target price on shares of American Tower in a report on Wednesday, October 28th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $216.11.

American Tower Profile

American Tower Corporation is a real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast communications sites, such as towers and rooftop installations, where mobile network operators and other customers place antennas and related equipment.

The company also provides services related to site acquisition, development, construction and maintenance. Through its CoreSite business, American Tower operates data centers and provides colocation and interconnection services.

Founded in 1995 and headquartered in Boston, American Tower serves customers in the United States and in markets across Africa, Asia-Pacific, Europe and Latin America.

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