King Luther Capital Management Corp Sells 12,772 Shares of American Tower Corporation (NYSE:AMT)

King Luther Capital Management Corp reduced its stake in shares of American Tower Corporation (NYSE:AMT) by 5.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 214,962 shares of the real estate investment trust’s stock after selling 12,772 shares during the period. King Luther Capital Management Corp’s holdings in American Tower were worth $46,776,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AMT. Elmwood Wealth Management Inc. lifted its stake in American Tower by 2.5% in the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock worth $454,000 after purchasing an additional 50 shares during the last quarter. 4J Wealth Management LLC lifted its stake in American Tower by 4.0% in the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock worth $283,000 after purchasing an additional 50 shares during the last quarter. TCTC Holdings LLC lifted its stake in American Tower by 15.8% in the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust’s stock worth $81,000 after purchasing an additional 51 shares during the last quarter. Coyle Financial Counsel LLC lifted its stake in American Tower by 2.4% in the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust’s stock worth $487,000 after purchasing an additional 53 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted 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 worth $477,000 after purchasing an additional 54 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. The Goldman Sachs Group reissued a “buy” rating on shares of American Tower in a research note on Tuesday, July 29th. Hsbc Global Res downgraded shares of American Tower from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Royal Bank Of Canada upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. UBS Group upped their price objective on shares of American Tower from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Finally, JMP Securities upped their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $243.88.

Insiders Place Their Bets

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 transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $206.51 on Friday. The stock has a market capitalization of $96.70 billion, a P/E ratio of 75.09, a P/E/G ratio of 1.18 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The company’s 50-day moving average is $218.37 and its 200 day moving average is $211.24.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business’s revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.79 earnings per share. On average, sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Friday, June 13th. American Tower’s dividend payout ratio is 247.27%.

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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.