Mondrian Investment Partners LTD Reduces Stock Position in American Tower Corporation (NYSE:AMT)

Key Points

• Mondrian Investment Partners LTD reduced its stake in American Tower Corporation by 32.5%, holding 5,159 shares worth approximately $1.12 million at the end of the first quarter.
• American Tower reported earnings per share of $2.60 for the last quarter, slightly surpassing analysts' expectations and generating a revenue of $2.63 billion.
• The company declared a quarterly dividend of $1.70 per share, resulting in an annualized yield of 3.3%, although the payout ratio stands at 247.27%.

Mondrian Investment Partners LTD cut its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 32.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,159 shares of the real estate investment trust's stock after selling 2,482 shares during the quarter. Mondrian Investment Partners LTD's holdings in American Tower were worth $1,123,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Elmwood Wealth Management Inc. grew its holdings in American Tower by 2.5% in the 1st quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock worth $454,000 after acquiring an additional 50 shares during the last quarter. 4J Wealth Management LLC grew its holdings in American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after acquiring an additional 50 shares during the last quarter. TCTC Holdings LLC grew its holdings in American Tower by 15.8% in the 1st quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after acquiring an additional 51 shares during the last quarter. Coyle Financial Counsel LLC grew its holdings in American Tower by 2.4% in the 1st quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after acquiring an additional 53 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its holdings in American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after acquiring an additional 54 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AMT shares. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target on the stock. in a report on Wednesday, July 30th. BMO Capital Markets reissued an "outperform" rating and issued a $245.00 price target (down previously from $250.00) on shares of American Tower in a report on Wednesday, July 30th. JMP Securities raised their price target on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a report on Wednesday, April 30th. Bank of America assumed coverage on shares of American Tower in a report on Monday, May 19th. They issued a "buy" rating and a $255.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their target price on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $243.88.

American Tower Stock Down 0.2%

NYSE AMT traded down $0.33 during trading hours on Thursday, reaching $203.82. 2,636,869 shares of the company's stock traded hands, compared to its average volume of 2,192,818. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The firm has a market cap of $95.44 billion, a PE ratio of 74.12, a PEG ratio of 1.16 and a beta of 0.82. The firm has a 50-day simple moving average of $217.56 and a 200 day simple moving average of $211.54. 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.01. The company had revenue of $2.63 billion during the quarter, compared to analysts' expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. American Tower's revenue was down 9.4% on a year-over-year basis. During the same period last year, the company posted $2.79 EPS. Sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

Insiders Place Their Bets

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 completion of the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 0.17% of the company's stock.

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.