Evelyn Partners Investment Management LLP Sells 22,858 Shares of American Tower Corporation $AMT

Key Points

• Evelyn Partners Investment Management LLP cut its American Tower stake by 41.9% in the first quarter, selling 22,858 shares and retaining 31,721 shares valued at approximately $5.47 million.
• Institutional ownership remains high at 92.69%, with several funds increasing their positions, including Lazard Asset Management, which added more than 1.24 million shares during the quarter.
• American Tower reported quarterly EPS of $2.84, well above the $1.60 analyst consensus, while revenue rose 6.8% year over year to $2.74 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $215.57, and the company’s annualized dividend is $7.16 per share.

Evelyn Partners Investment Management LLP lowered its position in American Tower Corporation (NYSE:AMT - Free Report) by 41.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,721 shares of the real estate investment trust's stock after selling 22,858 shares during the period. Evelyn Partners Investment Management LLP's holdings in American Tower were worth $5,474,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Evelyn Partners Investment Management Services Ltd grew its position in American Tower by 13.1% in the 1st quarter. Evelyn Partners Investment Management Services Ltd now owns 11,020 shares of the real estate investment trust's stock worth $1,902,000 after purchasing an additional 1,280 shares in the last quarter. Quantinno Capital Management LP increased its stake in American Tower by 33.0% in the 1st quarter. Quantinno Capital Management LP now owns 132,375 shares of the real estate investment trust's stock valued at $22,845,000 after buying an additional 32,877 shares during the last quarter. BROOKFIELD Corp ON lifted its position in shares of American Tower by 0.7% during the 1st quarter. BROOKFIELD Corp ON now owns 218,234 shares of the real estate investment trust's stock worth $37,663,000 after buying an additional 1,550 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of American Tower by 20.4% in the 1st quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust's stock worth $1,264,311,000 after buying an additional 1,240,780 shares during the last quarter. Finally, Gateway Wealth Partners LLC purchased a new position in shares of American Tower in the 1st quarter worth approximately $507,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Price Performance

Shares of NYSE AMT opened at $166.69 on Tuesday. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $229.07. The stock has a market cap of $77.66 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91. The stock has a fifty day moving average of $176.56 and a 200-day moving average of $178.30.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same quarter in the prior year, the firm posted $2.75 EPS. The firm's quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts anticipate that American Tower Corporation will post 10.66 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a dividend yield of 4.3%. American Tower's dividend payout ratio is currently 115.67%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AMT. Truist Financial increased their target price on shares of American Tower from $205.00 to $208.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $245.00 to $240.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Raymond James Financial reiterated a "strong-buy" rating and set a $240.00 target price on shares of American Tower in a research report on Wednesday, April 29th. Wolfe Research upgraded shares of American Tower from a "peer perform" rating to an "outperform" rating and set a $188.00 target price for the company in a research note on Wednesday, July 8th. Finally, Weiss Ratings raised shares of American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $215.57.

Insider Activity

In other news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value of $73,856.64. Following the sale, the executive vice president directly owned 29,461 shares of the company's stock, valued at approximately $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company's stock.

American Tower Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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