Perpetual Ltd Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Perpetual Ltd reduced its position in shares of American Tower Co. (NYSE:AMT) by 14.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,534 shares of the real estate investment trust’s stock after selling 3,987 shares during the period. Perpetual Ltd’s holdings in American Tower were worth $5,473,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Wedmont Private Capital grew its holdings in shares of American Tower by 10.4% during the 3rd quarter. Wedmont Private Capital now owns 3,102 shares of the real estate investment trust’s stock worth $693,000 after acquiring an additional 293 shares during the period. CWM LLC boosted its position in shares of American Tower by 0.6% during the third quarter. CWM LLC now owns 12,517 shares of the real estate investment trust’s stock valued at $2,911,000 after purchasing an additional 78 shares in the last quarter. Sugarloaf Wealth Management LLC raised its holdings in American Tower by 1.6% in the third quarter. Sugarloaf Wealth Management LLC now owns 17,112 shares of the real estate investment trust’s stock worth $3,979,000 after purchasing an additional 272 shares in the last quarter. Atomi Financial Group Inc. lifted its position in American Tower by 29.7% during the third quarter. Atomi Financial Group Inc. now owns 6,810 shares of the real estate investment trust’s stock valued at $1,584,000 after buying an additional 1,560 shares during the period. Finally, Park Place Capital Corp lifted its position in American Tower by 21.7% during the third quarter. Park Place Capital Corp now owns 4,891 shares of the real estate investment trust’s stock valued at $1,137,000 after buying an additional 871 shares during the period. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AMT. Royal Bank of Canada increased their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. BMO Capital Markets lifted their target price on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Barclays upped their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Finally, The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.21.

American Tower Price Performance

Shares of NYSE:AMT opened at $217.93 on Friday. The business has a 50-day simple moving average of $229.07 and a two-hundred day simple moving average of $205.12. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $101.79 billion, a price-to-earnings ratio of 40.96, a price-to-earnings-growth ratio of 1.01 and a beta of 0.83. American Tower Co. has a fifty-two week low of $157.25 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS. On average, analysts expect that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is 121.80%.

Insider Buying and Selling at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 in the last three months. 0.18% of the stock is currently owned by company insiders.

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.