The Manufacturers Life Insurance Company Decreases Holdings in American Tower Corporation $AMT

Key Points

• The Manufacturers Life Insurance Company reduced its American Tower stake by 7.6% in the first quarter, selling 190,650 shares and retaining 2.32 million shares worth approximately $399.7 million. Institutional investors collectively own 92.69% of AMT.
• American Tower reported quarterly revenue of $2.74 billion and earnings per share of $2.84, exceeding analyst estimates, while revenue increased 6.8% year over year. The REIT also pays an annualized dividend of $7.16 per share, yielding about 4.3%.
• Analysts maintain a generally positive outlook, with AMT receiving a “Moderate Buy” consensus rating and an average price target of $215.57 versus its recent price of $166.69.

The Manufacturers Life Insurance Company cut its position in American Tower Corporation (NYSE:AMT - Free Report) by 7.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,315,919 shares of the real estate investment trust's stock after selling 190,650 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.50% of American Tower worth $399,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of AMT. Richards Merrill & Peterson Inc. purchased a new position in American Tower in the 4th quarter worth approximately $25,000. Oakworth Capital Inc. raised its position in shares of American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 68 shares in the last quarter. Swiss RE Ltd. bought a new stake in shares of American Tower during the 4th quarter worth $25,000. Triumph Capital Management purchased a new position in American Tower in the third quarter worth $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in American Tower in the fourth quarter valued at $29,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Up 0.0%

AMT opened at $166.69 on Tuesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. The company has a market capitalization of $77.66 billion, a PE ratio of 26.93, a PEG ratio of 0.70 and a beta of 0.91. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $229.07. The firm's 50 day simple moving average is $176.56 and its two-hundred day simple moving average is $178.30.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share for the quarter, beating the consensus estimate of $1.60 by $1.24. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.American Tower's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.75 earnings per share. As a group, equities analysts forecast that American Tower Corporation will post 10.66 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were paid a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.3%. American Tower's payout ratio is 115.67%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on AMT shares. Truist Financial upped their price objective on American Tower from $205.00 to $208.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Citizens Jmp restated a "market outperform" rating and issued a $260.00 target price on shares of American Tower in a research report on Wednesday, April 29th. The Goldman Sachs Group assumed coverage on shares of American Tower in a research report on Friday, June 26th. They set a "buy" rating and a $215.00 price target on the stock. Barclays dropped their price objective on American Tower from $200.00 to $195.00 and set an "equal weight" rating for the company in a report on Thursday, April 16th. Finally, Scotiabank raised their target price on shares of American Tower from $214.00 to $218.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $215.57.

Insider Activity

In related news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total value of $73,856.64. Following the completion of the sale, the executive vice president directly owned 29,461 shares of the company's stock, valued at approximately $5,230,505.94. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company's stock.

American Tower Profile

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

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