American Tower Corporation (NYSE:AMT) Shares Sold by MGO One Seven LLC

Key Points

• MGO One Seven LLC has reduced its stake in American Tower Corporation by 35.8%, now holding 14,975 shares valued at approximately $3.26 million.
• A recent analyst report highlighted increasing target prices from multiple firms, with Royal Bank of Canada raising its target from $250 to $260, reflecting a positive outlook on the stock.
• The company reported earnings of $2.60 per share for the last quarter, slightly surpassing estimates, although its quarterly revenue decreased by 9.4% year-over-year.

MGO One Seven LLC cut its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 35.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,975 shares of the real estate investment trust's stock after selling 8,341 shares during the quarter. MGO One Seven LLC's holdings in American Tower were worth $3,259,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of AMT. Cohen & Steers Inc. lifted its holdings 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 valued at $3,516,890,000 after purchasing an additional 3,437,602 shares in the last quarter. Capital Research Global Investors increased its position in American Tower by 66.5% during 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 during the last quarter. Capital World Investors grew its position in shares of American Tower by 160.6% in the fourth quarter. Capital World Investors now owns 4,920,100 shares of the real estate investment trust's stock valued at $902,396,000 after purchasing an additional 3,032,005 shares during the last quarter. GAMMA Investing LLC grew its position in shares of American Tower by 23,627.3% in the first quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust's stock valued at $370,346,000 after purchasing an additional 1,694,784 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in American Tower by 272.0% during the first quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust's stock worth $247,390,000 after buying an additional 831,247 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. JMP Securities boosted their price target on shares of American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Royal Bank Of Canada upped their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. UBS Group increased their target price 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, HSBC lowered shares of 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, July 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the company's 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 directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.

American Tower Trading Down 1.0%

Shares of NYSE AMT traded down $2.10 during mid-day trading on Tuesday, hitting $210.88. 937,294 shares of the company traded hands, compared to its average volume of 2,623,661. The business has a 50 day moving average of $218.75 and a two-hundred day moving average of $210.83. The stock has a market capitalization of $98.72 billion, a price-to-earnings ratio of 76.61, a PEG ratio of 1.17 and a beta of 0.82. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 1 year low of $172.51 and a 1 year 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 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company posted $2.79 earnings per share. The firm's quarterly revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, June 13th. American Tower's payout ratio is presently 247.27%.

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.