American Tower Corporation $AMT Stock Position Decreased by Jacobs & Co. CA

Key Points

• Jacobs & Co. CA cut its American Tower stake by 27.1% in the second quarter, selling 10,088 shares and retaining 27,166 shares valued at approximately $4.44 million. Institutional investors and hedge funds collectively own 92.69% of AMT.
• Wall Street remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $215.19. Analysts’ targets range from $195 to $240.
• American Tower shares opened at $172.45, while the company recently paid a quarterly dividend of $1.79, equivalent to a 4.2% annualized yield and $7.16 per share annually.

Jacobs & Co. CA trimmed its stake in American Tower Corporation (NYSE:AMT - Free Report) by 27.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,166 shares of the real estate investment trust's stock after selling 10,088 shares during the quarter. Jacobs & Co. CA's holdings in American Tower were worth $4,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of AMT. J. Stern & Co. LLP increased its position in shares of American Tower by 28,121.1% in the fourth quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock worth $6,616,703,000 after acquiring an additional 37,553,436 shares in the last quarter. State Street Corp lifted its position in shares of American Tower by 0.3% in the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust's stock valued at $3,719,634,000 after acquiring an additional 71,605 shares in the last quarter. Geode Capital Management LLC boosted its stake in American Tower by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust's stock worth $2,361,675,000 after purchasing an additional 227,361 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in 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 purchasing an additional 9,666,025 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in American Tower by 20.4% during 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 purchasing an additional 1,240,780 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Scotiabank restated an "outperform" rating on shares of American Tower in a report on Wednesday, July 29th. Jefferies Financial Group dropped their price target on American Tower from $210.00 to $201.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Barclays reduced their price objective on 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. Raymond James Financial restated a "strong-buy" rating and set a $240.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and issued a $214.00 target price on shares of American Tower in a report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $215.19.

American Tower Stock Performance

Shares of AMT opened at $172.45 on Friday. The company's fifty day moving average is $174.51 and its 200-day moving average is $178.20. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79. The firm has a market cap of $80.36 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 2.74 and a beta of 0.90. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12.

American Tower Dividend Announcement

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

Insider Buying and Selling at American Tower

In other news, CFO Robert Joseph Meyer sold 5,000 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the completion of the sale, the chief financial officer owned 21,428 shares in the company, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total value of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This represents 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 have sold 6,791 shares of company stock worth $1,204,091 over the last three months. Company insiders own 0.08% of the company's stock.

American Tower 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.

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