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ING Groep NV Purchases Shares of 59,668 American Tower Corporation (NYSE:AMT)

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Key Points

  • ING Groep NV has acquired 59,668 shares of American Tower Corporation (NYSE:AMT), valued at approximately $12.98 million, indicating increasing institutional interest in the company.
  • American Tower reported a net margin of 12.60% and a revenue of $2.63 billion in its latest quarterly earnings, with earnings per share of $2.60, slightly beating expectations.
  • The company has declared a quarterly dividend of $1.70 per share, with a dividend yield of 3.2%, though its payout ratio stands at a high 247.27%.
  • Five stocks we like better than American Tower.

ING Groep NV purchased a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 59,668 shares of the real estate investment trust's stock, valued at approximately $12,984,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its stake in shares of American Tower by 23.0% during the 1st 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 last quarter. Shum Financial Group Inc. raised its stake in shares of American Tower by 3.5% during the 1st 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 last quarter. Mariner LLC raised its stake in shares of American Tower by 30.9% during the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock valued at $66,585,000 after buying an additional 85,693 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its stake in shares of American Tower by 13.3% during the 1st 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 buying an additional 27,194 shares during the last quarter. Finally, Georgetown University grew its position in shares of American Tower by 128.2% during the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock valued at $8,373,000 after acquiring an additional 25,651 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

Insiders Place Their Bets

In other news, CEO Juan Font sold 720 shares of the stock in a transaction 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. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. UBS Group raised their target price on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Scotiabank lifted their price objective on American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective on the stock. in a report on Wednesday, July 30th. Finally, Raymond James Financial set a $250.00 price objective on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

Get Our Latest Research Report on American Tower

American Tower Stock Performance

American Tower stock traded down $1.08 during midday trading on Wednesday, reaching $208.97. 1,633,878 shares of the stock traded hands, compared to its average volume of 2,092,103. 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 firm has a fifty day moving average price of $218.68 and a two-hundred day moving average price of $210.82. The firm has a market cap of $97.83 billion, a price-to-earnings ratio of 75.99, a PEG ratio of 1.16 and a beta of 0.82. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, topping 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 for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.79 EPS. On average, equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

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

About American Tower

(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.

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

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