New York State Common Retirement Fund Sells 36,900 Shares of American Tower Corporation $AMT

New York State Common Retirement Fund cut its position in shares of American Tower Corporation (NYSE:AMT) by 6.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 533,071 shares of the real estate investment trust’s stock after selling 36,900 shares during the period. New York State Common Retirement Fund owned approximately 0.11% of American Tower worth $102,520,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eastern Bank increased its stake in American Tower by 69.6% in the 3rd quarter. Eastern Bank now owns 139,091 shares of the real estate investment trust’s stock worth $26,750,000 after buying an additional 57,078 shares during the period. Stack Financial Management Inc bought a new position in American Tower in the 2nd quarter worth about $13,020,000. Commerzbank Aktiengesellschaft FI increased its position in shares of American Tower by 92.4% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 61,397 shares of the real estate investment trust’s stock worth $11,808,000 after acquiring an additional 29,486 shares during the period. Los Angeles Capital Management LLC raised its stake in shares of American Tower by 52.5% during the second quarter. Los Angeles Capital Management LLC now owns 321,661 shares of the real estate investment trust’s stock valued at $71,094,000 after acquiring an additional 110,671 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of American Tower by 47.3% in the second quarter. First Trust Advisors LP now owns 109,124 shares of the real estate investment trust’s stock valued at $24,119,000 after purchasing an additional 35,037 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In other American Tower news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of American Tower stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the sale, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. The trade was a 91.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by company insiders.

American Tower Stock Performance

AMT opened at $181.25 on Friday. The company has a market cap of $84.85 billion, a P/E ratio of 28.95, a price-to-earnings-growth ratio of 0.74 and a beta of 0.92. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.24. The firm’s 50-day moving average price is $177.45 and its 200-day moving average price is $190.82. American Tower Corporation has a 52-week low of $166.88 and a 52-week high of $234.33.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.14. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. American Tower’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.52 EPS. As a group, equities analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, December 29th will be issued a dividend of $1.70 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.8%. American Tower’s payout ratio is 108.63%.

Analyst Ratings Changes

A number of brokerages have weighed in on AMT. JPMorgan Chase & Co. decreased their target price on American Tower from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, January 12th. Argus set a $210.00 price objective on American Tower in a report on Thursday, October 30th. Raymond James Financial lowered their target price on American Tower from $231.00 to $229.00 and set a “strong-buy” rating for the company in a report on Friday, January 23rd. Royal Bank Of Canada cut their target price on American Tower from $220.00 to $195.00 and set a “sector perform” rating on the stock in a research note on Monday, January 12th. Finally, Scotiabank decreased their price target on shares of American Tower from $248.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $218.79.

American Tower Company 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.