Fosun International Ltd Cuts Position in American Tower Corp (NYSE:AMT)

Fosun International Ltd lessened its position in American Tower Corp (NYSE:AMT) by 18.8% during the first quarter, Holdings Channel reports. The fund owned 1,126 shares of the real estate investment trust’s stock after selling 261 shares during the period. Fosun International Ltd’s holdings in American Tower were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. National Asset Management Inc. lifted its stake in American Tower by 102.3% during the first quarter. National Asset Management Inc. now owns 9,759 shares of the real estate investment trust’s stock worth $2,127,000 after purchasing an additional 4,935 shares during the last quarter. Gamble Jones Investment Counsel lifted its position in American Tower by 3.0% in the 1st quarter. Gamble Jones Investment Counsel now owns 32,458 shares of the real estate investment trust’s stock worth $7,068,000 after buying an additional 953 shares during the last quarter. Toroso Investments LLC boosted its stake in American Tower by 55.9% in the first quarter. Toroso Investments LLC now owns 1,984 shares of the real estate investment trust’s stock worth $432,000 after buying an additional 711 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in American Tower in the first quarter worth approximately $378,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in American Tower by 0.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 34,947 shares of the real estate investment trust’s stock valued at $7,610,000 after acquiring an additional 243 shares during the last quarter. Institutional investors and hedge funds own 91.73% of the company’s stock.

In other news, Director David E. Sharbutt sold 2,200 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $243.60, for a total value of $535,920.00. Following the completion of the transaction, the director now owns 4,097 shares of the company’s stock, valued at approximately $998,029.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $238.11, for a total value of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now owns 37,120 shares of the company’s stock, valued at approximately $8,838,643.20. The disclosure for this sale can be found here. Insiders have sold a total of 14,392 shares of company stock worth $3,343,752 in the last ninety days. Insiders own 0.65% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. UBS Group raised shares of American Tower from a “neutral” rating to a “buy” rating and set a $270.00 price objective for the company in a research note on Thursday, April 2nd. Raymond James upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price target for the company in a research report on Thursday, March 26th. Credit Suisse Group began coverage on American Tower in a report on Tuesday, April 28th. They issued an “outperform” rating and a $308.00 price objective on the stock. New Street Research upgraded American Tower from a “neutral” rating to a “buy” rating in a report on Thursday, March 12th. Finally, Oppenheimer upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 price target on the stock in a research report on Friday. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. American Tower currently has an average rating of “Buy” and a consensus target price of $257.38.

NYSE AMT traded up $14.27 on Friday, hitting $242.43. The company’s stock had a trading volume of 2,812,237 shares, compared to its average volume of 1,978,653. The firm has a market cap of $101.14 billion, a P/E ratio of 56.78, a PEG ratio of 1.94 and a beta of 0.44. American Tower Corp has a 52-week low of $174.32 and a 52-week high of $260.43. The company’s 50-day simple moving average is $239.56 and its 200 day simple moving average is $229.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 6.91.

American Tower (NYSE:AMT) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.12). The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. American Tower had a net margin of 24.55% and a return on equity of 35.63%. American Tower’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.84 EPS. On average, research analysts forecast that American Tower Corp will post 8 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Friday, June 19th will be given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.81%. This is a boost from American Tower’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Thursday, June 18th. American Tower’s dividend payout ratio (DPR) is currently 55.89%.

About American Tower

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 approximately 171,000 communications sites.

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

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