RWC Asset Management LLP Sells 10,651 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• RWC Asset Management LLP reduced its stake in American Tower Corporation (NYSE: AMT) by 4.3% in Q1, holding 234,818 shares valued at approximately $51 million.
• Several analysts have raised their price targets for American Tower, with estimates ranging from $240.00 to $260.00, indicating a strong "buy" consensus.
• The company recently announced a quarterly dividend of $1.70 per share, representing an annual yield of 2.96% and a payout ratio of 174.81%.

RWC Asset Management LLP lessened its position in American Tower Corporation (NYSE:AMT - Free Report) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 234,818 shares of the real estate investment trust's stock after selling 10,651 shares during the period. American Tower makes up about 2.6% of RWC Asset Management LLP's investment portfolio, making the stock its 8th biggest holding. RWC Asset Management LLP owned about 0.05% of American Tower worth $51,096,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of AMT. Brighton Jones LLC lifted its holdings in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after buying an additional 2,104 shares during the period. AssuredPartners Investment Advisors LLC bought a new stake in American Tower during the fourth quarter worth $393,000. Nomura Asset Management Co. Ltd. raised its position in American Tower by 0.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 141,684 shares of the real estate investment trust's stock worth $25,986,000 after acquiring an additional 356 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of American Tower by 12.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 268,982 shares of the real estate investment trust's stock worth $49,334,000 after purchasing an additional 30,080 shares during the last quarter. Finally, Orion Portfolio Solutions LLC raised its holdings in shares of American Tower by 4.1% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,322 shares of the real estate investment trust's stock worth $2,994,000 after purchasing an additional 648 shares during the period. Institutional investors own 92.69% of the company's stock.

American Tower Stock Up 0.1%

Shares of NYSE AMT traded up $0.25 during trading on Thursday, reaching $208.99. The company had a trading volume of 1,076,624 shares, compared to its average volume of 2,617,687. The stock has a market cap of $97.84 billion, a PE ratio of 75.98, a P/E/G ratio of 1.18 and a beta of 0.82. The business's 50-day moving average is $218.76 and its 200 day moving average is $209.88. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 3.36.

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

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio (DPR) is presently 174.81%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AMT shares. JPMorgan Chase & Co. upped their target price on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday. Scotiabank upped their price objective on American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. JMP Securities boosted their price target on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Bank of America began coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. Finally, Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $243.59.

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.