State of Tennessee Treasury Department Sells 16,070 Shares of American Tower Corp (NYSE:AMT)

State of Tennessee Treasury Department lowered its holdings in shares of American Tower Corp (NYSE:AMT) by 4.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,288 shares of the real estate investment trust’s stock after selling 16,070 shares during the period. State of Tennessee Treasury Department owned approximately 0.08% of American Tower worth $69,816,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its stake in American Tower by 15,525.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,579,832 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 7,531,324 shares during the period. FMR LLC grew its stake in American Tower by 32.6% in the fourth quarter. FMR LLC now owns 20,144,710 shares of the real estate investment trust’s stock valued at $3,186,692,000 after acquiring an additional 4,949,323 shares during the period. Vanguard Group Inc grew its stake in American Tower by 6.7% in the third quarter. Vanguard Group Inc now owns 56,635,438 shares of the real estate investment trust’s stock valued at $8,229,130,000 after acquiring an additional 3,579,249 shares during the period. Norges Bank acquired a new stake in American Tower in the fourth quarter valued at approximately $546,909,000. Finally, Jennison Associates LLC grew its stake in American Tower by 203.6% in the fourth quarter. Jennison Associates LLC now owns 2,881,240 shares of the real estate investment trust’s stock valued at $455,783,000 after acquiring an additional 1,932,136 shares during the period. 94.29% of the stock is owned by institutional investors and hedge funds.

Shares of AMT stock traded down $1.40 during trading hours on Friday, reaching $204.45. The company had a trading volume of 2,965,400 shares, compared to its average volume of 1,784,844. The firm has a fifty day moving average of $206.82. The company has a market capitalization of $90.40 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 1.68 and a beta of 0.54. American Tower Corp has a 12 month low of $138.51 and a 12 month high of $218.79. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 4.31.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Friday, May 3rd. The real estate investment trust reported $1.84 EPS for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.04. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.80 billion. American Tower had a return on equity of 22.61% and a net margin of 17.95%. American Tower’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company posted $0.63 earnings per share. As a group, equities research analysts predict that American Tower Corp will post 7.52 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, June 19th will be issued a dividend of $0.92 per share. This is a positive change from American Tower’s previous quarterly dividend of $0.90. This represents a $3.68 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Tuesday, June 18th. American Tower’s dividend payout ratio (DPR) is 46.06%.

In other American Tower news, EVP Olivier Puech sold 8,347 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $210.27, for a total value of $1,755,123.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Amit Sharma sold 32,500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $194.35, for a total value of $6,316,375.00. Following the completion of the sale, the executive vice president now directly owns 177,193 shares of the company’s stock, valued at $34,437,459.55. The disclosure for this sale can be found here. Insiders have sold 259,065 shares of company stock worth $51,423,854 over the last quarter. 0.75% of the stock is currently owned by corporate insiders.

AMT has been the subject of a number of research reports. KeyCorp raised their price objective on American Tower from $180.00 to $185.00 and gave the company an “overweight” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Oppenheimer reissued a “market perform” rating and issued a $173.00 price objective on shares of American Tower in a research note on Thursday, February 28th. They noted that the move was a valuation call. Wells Fargo & Co raised their price objective on American Tower from $176.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, February 28th. Macquarie reissued a “buy” rating and issued a $210.00 price objective on shares of American Tower in a research note on Thursday, February 28th. Finally, CIBC restated a “market perform” rating on shares of American Tower in a report on Thursday, February 28th. Thirteen investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $183.82.

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.

Read More: CD Ladder

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

Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.