Argent Trust Co Cuts Stock Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• Argent Trust Co reduced its stake in American Tower Corporation by 48.3% to just over 10,200 shares, valued at approximately $2.22 million, following the sale of 9,560 shares in the 1st quarter.
• In contrast, Cohen & Steers Inc. increased its holdings in American Tower by 21.8%, now owning 19.18 million shares, while Bessemer Group Inc. saw a significant 272.0% increase in its stake during the same period.
• American Tower's stock recently climbed 1.8%, with a current price of $212.18, and the company reported $2.60 EPS, slightly exceeding analysts' expectations, despite a 9.4% year-over-year revenue decline.

Argent Trust Co lessened its position in American Tower Corporation (NYSE:AMT - Free Report) by 48.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,213 shares of the real estate investment trust's stock after selling 9,560 shares during the quarter. Argent Trust Co's holdings in American Tower were worth $2,222,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cohen & Steers Inc. lifted its holdings in American Tower by 21.8% in the 4th quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock valued at $3,516,890,000 after purchasing an additional 3,437,602 shares in the last quarter. Capital Research Global Investors raised its position in shares of American Tower by 66.5% in the fourth quarter. Capital Research Global Investors now owns 8,563,046 shares of the real estate investment trust's stock valued at $1,570,547,000 after buying an additional 3,421,413 shares during the last quarter. Capital World Investors lifted its stake in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock worth $902,396,000 after buying an additional 3,032,005 shares in the last quarter. GAMMA Investing LLC boosted its position in American Tower by 23,627.3% during the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock worth $370,346,000 after acquiring an additional 1,694,784 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in American Tower by 272.0% during the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock valued at $247,390,000 after acquiring an additional 831,247 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Up 1.8%

Shares of NYSE:AMT opened at $212.18 on Monday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm's 50 day moving average price is $218.73 and its 200 day moving average price is $210.67. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market cap of $99.33 billion, a price-to-earnings ratio of 77.16, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data 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 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 business's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.79 EPS. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio is currently 247.27%.

Insider Transactions at American Tower

In other 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on AMT. Raymond James Financial set a $250.00 target price on shares of American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. UBS Group lifted their price objective on American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upped their target price on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. BMO Capital Markets cut their target price on American Tower from $250.00 to $245.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Finally, Barclays boosted their price target on shares of American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

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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