Evelyn Partners Investment Management LLP Sells 22,858 Shares of American Tower Corporation $AMT

Evelyn Partners Investment Management LLP lessened its holdings in American Tower Corporation (NYSE:AMT) by 41.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,721 shares of the real estate investment trust’s stock after selling 22,858 shares during the period. Evelyn Partners Investment Management LLP’s holdings in American Tower were worth $5,474,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. J. Stern & Co. LLP increased its stake in American Tower by 28,121.1% in the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust’s stock worth $6,616,703,000 after acquiring an additional 37,553,436 shares during the last quarter. State Street Corp raised its holdings in shares of American Tower by 0.3% in the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust’s stock valued at $3,719,634,000 after acquiring an additional 71,605 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of American Tower by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust’s stock valued at $2,361,675,000 after acquiring an additional 227,361 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of American Tower by 20,721.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock worth $1,705,254,000 after purchasing an additional 9,666,025 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock worth $1,264,311,000 after purchasing an additional 1,240,780 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, EVP Ruth T. Dowling sold 416 shares of American Tower stock in a transaction 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 transaction, the executive vice president owned 29,461 shares in the company, valued at $5,230,505.94. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMT. Mizuho raised shares of American Tower from a “neutral” rating to an “outperform” rating and raised their target price for the company from $189.00 to $205.00 in a research note on Wednesday, April 15th. Scotiabank increased their price target on shares of American Tower from $214.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Barclays lowered their price objective on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. Citizens Jmp reiterated a “market outperform” rating and issued a $260.00 target price on shares of American Tower in a research report on Wednesday, April 29th. Finally, Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.57.

American Tower Stock Performance

NYSE:AMT opened at $166.69 on Tuesday. The company has a market capitalization of $77.66 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 0.70 and a beta of 0.91. The business has a 50 day moving average of $176.56 and a 200 day moving average of $178.30. The company has a debt-to-equity ratio of 3.07, a current ratio of 0.43 and a quick ratio of 0.43. American Tower Corporation has a 1-year low of $160.06 and a 1-year high of $229.07.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, topping the consensus estimate of $1.60 by $1.24. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $2.75 earnings per share. On average, sell-side analysts predict that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Announces Dividend

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

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.