American Tower Corporation (NYSE:AMT) Shares Sold by Alapocas Investment Partners Inc.

Key Points

• Alapocas Investment Partners Inc. significantly reduced its stake in American Tower Corporation by 83.6% during the first quarter, owning only 5,751 shares after selling 29,304 shares.
• American Tower's CEO, Juan Font, sold 720 shares at an average price of $208.33, reducing his ownership by 2.98% to 23,425 shares valued at approximately $4.88 million.
• Analysts have set an average target price of $243.88 for American Tower shares, with a consensus rating of "Moderate Buy" based on various ratings from major financial research firms.

Alapocas Investment Partners Inc. lowered its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 83.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,751 shares of the real estate investment trust's stock after selling 29,304 shares during the quarter. American Tower makes up about 0.8% of Alapocas Investment Partners Inc.'s investment portfolio, making the stock its 19th largest holding. Alapocas Investment Partners Inc.'s holdings in American Tower were worth $1,251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Golden State Wealth Management LLC lifted its holdings in American Tower by 23.0% during the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after buying an additional 69 shares during the last quarter. Shum Financial Group Inc. increased its stake in American Tower by 3.5% during the first quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock valued at $913,000 after purchasing an additional 141 shares during the last quarter. Mariner LLC raised its holdings in shares of American Tower by 30.9% during the fourth quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock worth $66,585,000 after purchasing an additional 85,693 shares during the period. AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after buying an additional 27,194 shares during the last quarter. Finally, Georgetown University boosted its holdings in shares of American Tower by 128.2% in the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock valued at $8,373,000 after buying an additional 25,651 shares during the period. Institutional investors own 92.69% of the company's stock.

Insider Buying and Selling

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AMT has been the topic of a number of recent research reports. UBS Group raised 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. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Wells Fargo & Company reduced their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Barclays boosted their target price on shares of American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada boosted their price objective on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and an average target price of $243.88.

American Tower Stock Down 0.5%

Shares of American Tower stock opened at $208.97 on Thursday. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $97.83 billion, a price-to-earnings ratio of 75.99, a P/E/G ratio of 1.16 and a beta of 0.82. The stock has a 50-day simple moving average of $218.61 and a 200-day simple moving average of $210.81. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The firm had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company's revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.79 earnings per share. On average, equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 13th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.3%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio is presently 247.27%.

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.

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