American Tower Corp (AMT) Position Decreased by Magellan Asset Management Ltd

Magellan Asset Management Ltd reduced its position in shares of American Tower Corp (NYSE:AMT) by 0.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,102,068 shares of the real estate investment trust’s stock after selling 5,297 shares during the period. American Tower accounts for about 0.5% of Magellan Asset Management Ltd’s holdings, making the stock its 21st biggest position. Magellan Asset Management Ltd’s holdings in American Tower were worth $160,130,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of American Tower by 1.5% during the third quarter. BlackRock Inc. now owns 29,811,319 shares of the real estate investment trust’s stock valued at $4,331,586,000 after purchasing an additional 448,362 shares in the last quarter. FMR LLC lifted its position in shares of American Tower by 6.7% during the third quarter. FMR LLC now owns 15,195,387 shares of the real estate investment trust’s stock valued at $2,207,889,000 after purchasing an additional 951,620 shares in the last quarter. Edgewood Management LLC lifted its position in shares of American Tower by 16.7% during the third quarter. Edgewood Management LLC now owns 7,967,144 shares of the real estate investment trust’s stock valued at $1,157,626,000 after purchasing an additional 1,139,504 shares in the last quarter. Northern Trust Corp lifted its position in shares of American Tower by 0.7% during the second quarter. Northern Trust Corp now owns 6,545,080 shares of the real estate investment trust’s stock valued at $943,605,000 after purchasing an additional 44,364 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of American Tower by 6.3% during the third quarter. Dimensional Fund Advisors LP now owns 6,413,904 shares of the real estate investment trust’s stock valued at $931,927,000 after purchasing an additional 381,712 shares in the last quarter. 93.25% of the stock is currently owned by institutional investors.

In other news, Director David E. Sharbutt sold 3,590 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $157.06, for a total value of $563,845.40. Following the sale, the director now owns 8,371 shares of the company’s stock, valued at $1,314,749.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas A. Bartlett sold 93,338 shares of the business’s stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $165.00, for a total transaction of $15,400,770.00. Following the completion of the sale, the chief financial officer now directly owns 133,660 shares in the company, valued at approximately $22,053,900. The disclosure for this sale can be found here. In the last three months, insiders sold 351,360 shares of company stock worth $55,867,093. Insiders own 0.87% of the company’s stock.

Shares of AMT stock opened at $163.48 on Thursday. The stock has a market capitalization of $72.01 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 1.58 and a beta of 0.62. The company has a debt-to-equity ratio of 3.11, a quick ratio of 0.72 and a current ratio of 0.72. American Tower Corp has a 52 week low of $130.37 and a 52 week high of $167.09.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, topping the consensus estimate of $0.81 by $0.02. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $1.73 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Research analysts predict that American Tower Corp will post 7.58 earnings per share for the current year.

Several analysts have commented on AMT shares. Morgan Stanley lifted their price objective on shares of American Tower from $154.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, August 16th. Argus lifted their price objective on shares of American Tower from $154.00 to $165.00 and gave the stock a “buy” rating in a research report on Monday, August 20th. Zacks Investment Research lowered shares of American Tower from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. ValuEngine raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Citigroup lowered shares of American Tower from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $161.00 to $176.00 in a research report on Wednesday, October 31st. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $165.31.

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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 170,000 communications sites.

Further Reading: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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