American Tower Corporation $AMT Stock Position Reduced by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in American Tower Corporation by 6.0%, resulting in ownership of 207,458 shares valued at approximately $45.14 million.
• Analysts have rated American Tower with a consensus of "Moderate Buy" and a target price of $244.47, with four analysts recommending a hold and twelve a buy.
• American Tower's recent earnings report revealed earnings per share of $2.60, slightly exceeding expectations, though revenue decreased by 9.4% year-over-year.

State of New Jersey Common Pension Fund D decreased its position in American Tower Corporation (NYSE:AMT - Free Report) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,458 shares of the real estate investment trust's stock after selling 13,323 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in American Tower were worth $45,143,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock worth $727,000 after acquiring an additional 2,104 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in American Tower by 2.1% in the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after acquiring an additional 54 shares in the last quarter. XTX Topco Ltd acquired a new position in American Tower in the fourth quarter valued at $336,000. Bridgewater Associates LP acquired a new position in American Tower in the fourth quarter valued at $354,000. Finally, Regal Investment Advisors LLC raised its holdings in shares of American Tower by 22.8% in the fourth quarter. Regal Investment Advisors LLC now owns 4,930 shares of the real estate investment trust's stock valued at $904,000 after buying an additional 914 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Stock Up 1.3%

Shares of AMT traded up $2.74 during midday trading on Friday, hitting $206.20. The company had a trading volume of 2,640,404 shares, compared to its average volume of 2,317,871. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The company's 50 day moving average price is $217.44 and its 200 day moving average price is $212.04. 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 stock has a market cap of $96.55 billion, a price-to-earnings ratio of 74.98, a PEG ratio of 1.17 and a beta of 0.82.

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

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AMT. Scotiabank upped their target price on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. The Goldman Sachs Group reissued a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. UBS Group increased their price target 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. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. Finally, Bank of America began coverage on shares of American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 target price on the stock. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $244.47.

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.