Avalon Trust Co Sells 68,745 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• Avalon Trust Co significantly reduced its holdings in American Tower Corporation by 90.1%, selling 68,745 shares and retaining 7,516 shares, valued at approximately $1.6 million.
• American Tower reported a 2.60 EPS for the last quarter, slightly exceeding analysts' expectations, but its revenue experienced a 9.4% decline compared to the previous year.
• The company has announced a quarterly dividend of $1.70 per share, translating to an annual yield of 3.2%, with a high dividend payout ratio of 247.27%.

Avalon Trust Co reduced its position in American Tower Corporation (NYSE:AMT - Free Report) by 90.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,516 shares of the real estate investment trust's stock after selling 68,745 shares during the period. Avalon Trust Co's holdings in American Tower were worth $1,635,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Cohen & Steers Inc. lifted its position in shares of American Tower by 21.8% in the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust's stock worth $3,516,890,000 after buying an additional 3,437,602 shares in the last quarter. FMR LLC lifted its position in shares of American Tower by 5.0% in the fourth quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust's stock worth $2,050,390,000 after buying an additional 537,136 shares in the last quarter. Capital Research Global Investors lifted 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 worth $1,570,547,000 after buying an additional 3,421,413 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of American Tower by 3.7% in the first quarter. Principal Financial Group Inc. now owns 6,136,981 shares of the real estate investment trust's stock worth $1,335,407,000 after buying an additional 220,565 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of American Tower by 8.3% in the fourth quarter. Invesco Ltd. now owns 5,941,586 shares of the real estate investment trust's stock worth $1,089,746,000 after buying an additional 455,225 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.17% of the company's stock.

American Tower Stock Up 1.8%

Shares of NYSE:AMT opened at $212.18 on Friday. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The stock has a market cap of $99.33 billion, a P/E ratio of 77.16, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. The business's 50 day moving average is $218.73 and its 200 day moving average is $210.53. 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 announced 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. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 earnings per share. American Tower's revenue was down 9.4% compared to the same quarter last year. Sell-side analysts predict that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio (DPR) is 247.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AMT shares. Bank of America started coverage on American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 target price on the stock. JMP Securities boosted their target price on American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. HSBC downgraded American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a research report on Wednesday. Wells Fargo & Company decreased their price objective on American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Royal Bank Of Canada upped their price objective on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has an average rating of "Moderate Buy" and a consensus target price 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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