Magellan Asset Management Ltd Sells 98,130 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• Magellan Asset Management Ltd has reduced its stake in American Tower Corporation by 9.9%, selling 98,130 shares and retaining 895,447 shares which now represent about 2.4% of its total holdings.
• CEO Juan Font recently sold 720 shares at approximately $208.33 each, reducing his ownership by 2.98% to 23,425 shares valued at around $4.88 million.
• American Tower's quarterly revenue showed a 9.4% decline year-over-year, reporting $2.63 billion, while earnings per share beat estimates at $2.60.

Magellan Asset Management Ltd decreased its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 9.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 895,447 shares of the real estate investment trust's stock after selling 98,130 shares during the quarter. American Tower comprises approximately 2.4% of Magellan Asset Management Ltd's holdings, making the stock its 18th largest position. Magellan Asset Management Ltd owned about 0.19% of American Tower worth $194,849,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AMT. Golden State Wealth Management LLC raised its holdings in shares of American Tower by 23.0% in the 1st quarter. Golden State Wealth Management LLC now owns 369 shares of the real estate investment trust's stock worth $80,000 after buying an additional 69 shares in the last quarter. Shum Financial Group Inc. raised its holdings in shares of American Tower by 3.5% in the 1st quarter. Shum Financial Group Inc. now owns 4,196 shares of the real estate investment trust's stock worth $913,000 after buying an additional 141 shares in the last quarter. Mariner LLC raised its holdings in shares of American Tower by 30.9% in the 4th quarter. Mariner LLC now owns 363,088 shares of the real estate investment trust's stock worth $66,585,000 after buying an additional 85,693 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc raised its holdings in shares of American Tower by 13.3% in the 1st quarter. AEGON ASSET MANAGEMENT UK Plc now owns 231,913 shares of the real estate investment trust's stock worth $50,487,000 after buying an additional 27,194 shares in the last quarter. Finally, Georgetown University raised its holdings in shares of American Tower by 128.2% in the 4th quarter. Georgetown University now owns 45,654 shares of the real estate investment trust's stock worth $8,373,000 after buying an additional 25,651 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

American Tower Stock Performance

Shares of American Tower stock opened at $206.51 on Friday. The firm has a market cap of $96.70 billion, a price-to-earnings ratio of 75.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.82. The stock's 50-day moving average is $218.37 and its 200-day moving average is $211.24. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.79 earnings per share. Equities analysts predict that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm 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. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.3%. American Tower's dividend payout ratio is currently 247.27%.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent research reports. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Royal Bank Of Canada raised their price target on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. UBS Group raised their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Bank of America assumed coverage on American Tower in a report on Monday, May 19th. They set a "buy" rating and a $255.00 price target for the company. Finally, Raymond James Financial set a $250.00 price target on American Tower and gave the company a "strong-buy" rating in a report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company 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.

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