American Tower Corporation (NYSE:AMT) Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in American Tower Corporation (NYSE:AMT) by 1.1%, holding 129,843 shares valued at approximately $28.25 million after selling 1,419 shares.
• American Tower recently declared a quarterly dividend of $1.70 per share, representing a 3.2% yield, despite a high payout ratio of 247.27%.
• The company's latest earnings report revealed a 9.4% year-over-year revenue decline with earnings per share of $2.60, marginally beating analyst expectations.

J. Safra Sarasin Holding AG lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,843 shares of the real estate investment trust's stock after selling 1,419 shares during the quarter. J. Safra Sarasin Holding AG's holdings in American Tower were worth $28,254,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. North Capital Inc. purchased a new position in American Tower during the 1st quarter worth $25,000. Hopwood Financial Services Inc. grew its position in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new position in American Tower during the 4th quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in American Tower during the 1st quarter worth $31,000. Finally, Lowe Wealth Advisors LLC grew its position in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

NYSE AMT traded up $3.79 during trading hours on Friday, reaching $212.18. The company's stock had a trading volume of 3,232,190 shares, compared to its average volume of 2,055,015. The stock has a market cap of $99.33 billion, a PE ratio of 77.16, a PEG ratio of 1.17 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. The company's 50-day moving average is $218.73 and its two-hundred day moving average is $210.67. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results 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 net margin of 12.60% and a return on equity of 24.85%. The company had revenue of $2.63 billion for the quarter, compared to analysts' expectations of $2.58 billion. During the same period last year, the company earned $2.79 EPS. The firm's revenue for the quarter was down 9.4% compared to the same quarter last year. Analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

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

Insider Activity

In other American Tower news, CEO Juan Font sold 720 shares of the firm's 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 $4,880,130.25. This trade represents a 2.98% decrease in their position. 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 equities analysts have commented on the stock. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price objective for the company. in a research report on Wednesday. Scotiabank upped their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. BMO Capital Markets restated an "outperform" rating and set a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday. UBS Group upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, JMP Securities upped their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $243.88.

American Tower 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.