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Public Sector Pension Investment Board Decreases Stock Holdings in American Tower Corporation (NYSE:AMT)

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Key Points

  • The Public Sector Pension Investment Board reduced its stake in American Tower Corporation by 52.6%, now holding 170,958 shares valued at approximately $37.2 million.
  • American Tower reported an earnings per share (EPS) of $2.60 for the last quarter, exceeding analyst expectations by $0.01, despite a 9.4% year-over-year decline in revenue.
  • The company recently announced a quarterly dividend of $1.70 per share, representing an annualized dividend yield of 3.3% and a high payout ratio of 247.27%.
  • Want stock alerts on American Tower? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Public Sector Pension Investment Board lowered its position in shares of American Tower Corporation (NYSE:AMT - Free Report) by 52.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,958 shares of the real estate investment trust's stock after selling 189,441 shares during the quarter. Public Sector Pension Investment Board's holdings in American Tower were worth $37,200,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its stake in American Tower by 113.0% during the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after acquiring an additional 2,104 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of American Tower by 158.6% during the fourth quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust's stock valued at $21,246,000 after acquiring an additional 71,039 shares during the last quarter. Covestor Ltd grew its position in American Tower by 78.0% during the fourth quarter. Covestor Ltd now owns 429 shares of the real estate investment trust's stock valued at $78,000 after buying an additional 188 shares during the period. Rockefeller Capital Management L.P. raised its holdings in shares of American Tower by 1.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 94,931 shares of the real estate investment trust's stock worth $17,417,000 after purchasing an additional 1,046 shares during the period. Finally, Sagespring Wealth Partners LLC purchased a new stake in American Tower in the 4th quarter worth about $580,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Barclays raised their price target on American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Bank of America started coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 30th. JMP Securities increased their target price on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Finally, HSBC downgraded American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a report on Wednesday, July 30th. Four equities research 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. According to MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

View Our Latest Research Report on American Tower

American Tower Stock Down 0.2%

AMT traded down $0.33 during midday trading on Thursday, reaching $203.82. The company's stock had a trading volume of 2,636,869 shares, compared to its average volume of 2,606,967. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock's 50-day moving average is $217.81 and its 200-day moving average is $211.46. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The firm has a market capitalization of $95.44 billion, a price-to-earnings ratio of 74.12, a PEG ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data 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. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the previous year, the business earned $2.79 earnings per share. The firm's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

Insider Transactions at American Tower

In related news, CEO Juan Font sold 720 shares of the stock in a transaction dated 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 directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

American Tower Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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