Mitsubishi UFJ Trust & Banking Corp Has $151.45 Million Stock Position in American Tower Corporation (NYSE:AMT)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in American Tower Corporation (NYSE:AMT) by 48.7%, holding 696,020 shares valued at $151.45 million after selling 660,014 shares in the first quarter.
• American Tower recently announced a quarterly dividend of $1.70 per share, representing an annualized yield of 3.2% and a payout ratio of 247.27%.
• Analysts have a consensus rating of "Moderate Buy" for American Tower, with recent price targets ranging from $230.00 to $260.00, indicating positive future expectations for the stock.

Mitsubishi UFJ Trust & Banking Corp lowered its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 48.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 696,020 shares of the real estate investment trust's stock after selling 660,014 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.15% of American Tower worth $151,454,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. North Capital Inc. acquired a new position in American Tower during the 1st quarter valued at about $25,000. Hopwood Financial Services Inc. lifted 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 valued at $26,000 after purchasing an additional 60 shares during the period. E Fund Management Hong Kong Co. Ltd. acquired a new position in American Tower during the 1st quarter valued at about $31,000. Lowe Wealth Advisors LLC raised its position in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 109 shares during the period. Finally, Minot DeBlois Advisors LLC acquired a new stake in shares of American Tower in the 4th quarter valued at approximately $29,000. Institutional investors own 92.69% of the company's stock.

American Tower Stock Up 1.8%

Shares of NYSE:AMT traded up $3.79 during midday trading on Friday, hitting $212.18. The stock had a trading volume of 3,232,190 shares, compared to its average volume of 2,055,015. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The business's 50-day simple moving average is $218.73 and its 200-day simple moving average is $210.67. The company has a market cap of $99.33 billion, a P/E ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82.

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, beating 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 business had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. During the same period last year, the business earned $2.79 earnings per share. The firm's revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Insider Buying and Selling

In other American Tower news, CEO Juan Font sold 720 shares of American Tower stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on AMT shares. HSBC downgraded shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a research report on Wednesday. Bank of America started coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Wells Fargo & Company cut their price target on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday. Scotiabank raised their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Finally, UBS Group raised their target price on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $243.88.

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.