GSA Capital Partners LLP Sells 14,926 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• GSA Capital Partners LLP significantly reduced its stake in American Tower Corporation by 79.7%, selling 14,926 shares and now holding 3,802 shares worth $827,000.
• American Tower's latest quarterly earnings report showed $2.60 EPS, slightly exceeding expectations, but revenue declined 9.4% year-over-year to $2.63 billion.
• Analysts have mixed views on American Tower, with ratings that include thirteen "buy" ratings and four "hold" ratings, leading to a consensus target price of $243.88.

GSA Capital Partners LLP lowered its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 79.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,802 shares of the real estate investment trust's stock after selling 14,926 shares during the quarter. GSA Capital Partners LLP's holdings in American Tower were worth $827,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. North Capital Inc. purchased a new stake in shares of American Tower in the first quarter worth $25,000. Minot DeBlois Advisors LLC purchased a new stake in American Tower during the 4th quarter valued at about $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in American Tower during the 1st quarter valued at about $31,000. Lowe Wealth Advisors LLC increased its stake in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares in the last quarter. Finally, City Holding Co. purchased a new position in American Tower in the first quarter worth about $39,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Performance

AMT stock traded up $3.79 during midday trading on Friday, reaching $212.18. 3,232,190 shares of the company's stock traded hands, compared to its average volume of 2,055,015. The stock's 50-day moving average is $218.73 and its 200 day moving average is $210.67. The stock has a market cap of $99.33 billion, a P/E ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping the consensus estimate of $2.59 by $0.01. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. American Tower's revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 EPS. As a group, analysts anticipate that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. American Tower's payout ratio is 247.27%.

Analysts Set New Price Targets

Several brokerages recently weighed in on AMT. 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 research report on Wednesday. JPMorgan Chase & Co. lifted their target price on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday. Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a research report on Tuesday, July 29th. Finally, UBS Group boosted their target price on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has an average rating of "Moderate Buy" and a consensus target price of $243.88.

Insider Activity

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company's stock.

American Tower 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.