Point72 Asset Management L.P. Trims Stock Position in American Tower Co. (NYSE:AMT)

Point72 Asset Management L.P. trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 53.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 643,100 shares of the real estate investment trust’s stock after selling 726,800 shares during the period. Point72 Asset Management L.P. owned about 0.14% of American Tower worth $138,832,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of American Tower by 0.3% during the third quarter. Vanguard Group Inc. now owns 60,930,583 shares of the real estate investment trust’s stock worth $10,020,034,000 after buying an additional 196,942 shares in the last quarter. Wellington Management Group LLP grew its stake in American Tower by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock worth $2,135,227,000 after acquiring an additional 691,934 shares during the period. Morgan Stanley raised its holdings in American Tower by 3.7% in the 3rd quarter. Morgan Stanley now owns 7,269,957 shares of the real estate investment trust’s stock valued at $1,195,545,000 after acquiring an additional 258,030 shares during the last quarter. Akre Capital Management LLC lifted its stake in shares of American Tower by 0.5% during the 4th quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock worth $1,468,977,000 after purchasing an additional 36,375 shares during the period. Finally, FMR LLC boosted its holdings in shares of American Tower by 2.1% during the third quarter. FMR LLC now owns 6,628,436 shares of the real estate investment trust’s stock worth $1,090,046,000 after purchasing an additional 138,303 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BMO Capital Markets reduced their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Scotiabank dropped their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Barclays decreased their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Morgan Stanley increased their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $220.91.

American Tower Stock Down 0.7 %

AMT stock traded down $1.46 during midday trading on Tuesday, hitting $193.26. 2,781,786 shares of the company’s stock were exchanged, compared to its average volume of 2,458,602. The stock has a market capitalization of $90.25 billion, a price-to-earnings ratio of 43.72, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. The firm has a 50 day moving average price of $184.87 and a 200-day moving average price of $196.17. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.54 earnings per share. On average, analysts anticipate that American Tower Co. will post 9.98 EPS for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

American Tower Company Profile

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.