American Tower Corporation (NYSE:AMT) Shares Sold by Savvy Advisors Inc.

Key Points

• Savvy Advisors Inc. reduced its stake in American Tower Corporation by 54.0%, selling 3,760 shares and now holding 3,200 shares valued at $696,000.
• Institutional investors own 92.69% of American Tower, with notable increases in holdings from various firms including Brighton Jones LLC and Renaissance Technologies LLC.
• American Tower reported a quarterly EPS of $2.60, marginally exceeding estimates, but experienced a 9.4% decline in revenue year-over-year, with a projected annual EPS of 10.14.

Savvy Advisors Inc. lowered its stake in American Tower Corporation (NYSE:AMT - Free Report) by 54.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,200 shares of the real estate investment trust's stock after selling 3,760 shares during the period. Savvy Advisors Inc.'s holdings in American Tower were worth $696,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC grew its position in American Tower by 23.0% during the first quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 69 shares during the period. Shum Financial Group Inc. grew its position 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 buying an additional 141 shares during the period. Mariner LLC grew its position in shares of American Tower by 30.9% in the fourth quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after purchasing an additional 85,693 shares during the period. AEGON ASSET MANAGEMENT UK Plc grew its position in shares of American Tower by 13.3% in the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock valued at $50,487,000 after purchasing an additional 27,194 shares during the period. Finally, Georgetown University grew its position in shares of American Tower by 128.2% in the fourth quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock valued at $8,373,000 after purchasing an additional 25,651 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Down 0.2%

Shares of American Tower stock traded down $0.51 on Monday, reaching $206.00. The company had a trading volume of 2,339,182 shares, compared to its average volume of 2,134,941. The firm's 50 day moving average price is $218.37 and its two-hundred day moving average price is $211.41. The firm has a market cap of $96.46 billion, a PE ratio of 74.91, a PEG ratio of 1.18 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 debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

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, beating analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate 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 was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 EPS. Sell-side analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AMT shares. Hsbc Global Res lowered shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Scotiabank lifted their target price on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 30th. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the company a "strong-buy" rating in a research report on Wednesday, July 30th. UBS Group raised their price target on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $243.88.

Insider Activity

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company's stock.

About American Tower

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.