Shell Asset Management Co. Trims Stock Holdings in American Tower Corp (NYSE:AMT)

Shell Asset Management Co. trimmed its holdings in American Tower Corp (NYSE:AMT) by 6.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,730 shares of the real estate investment trust’s stock after selling 2,619 shares during the quarter. Shell Asset Management Co.’s holdings in American Tower were worth $8,433,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of AMT. CXI Advisors purchased a new stake in shares of American Tower in the fourth quarter worth approximately $27,000. MCF Advisors LLC purchased a new stake in shares of American Tower in the first quarter worth approximately $27,000. Brooktree Capital Management purchased a new stake in shares of American Tower in the fourth quarter worth approximately $29,000. John W. Brooker & Co. CPAs purchased a new stake in shares of American Tower in the first quarter worth approximately $32,000. Finally, TI Trust Inc. purchased a new stake in shares of American Tower in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 91.73% of the company’s stock.

NYSE AMT traded up $14.27 during midday trading on Friday, hitting $242.43. 2,812,237 shares of the company traded hands, compared to its average volume of 1,978,653. The company has a debt-to-equity ratio of 6.91, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $101.14 billion, a PE ratio of 56.78, a price-to-earnings-growth ratio of 1.94 and a beta of 0.44. The company’s 50-day simple moving average is $239.56 and its 200-day simple moving average is $229.48. American Tower Corp has a 52 week low of $174.32 and a 52 week high of $260.43.

American Tower (NYSE:AMT) last announced its earnings results on Wednesday, April 29th. The real estate investment trust reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.05 by ($0.12). The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.99 billion. American Tower had a net margin of 24.55% and a return on equity of 35.63%. The firm’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business posted $1.84 EPS. On average, research analysts predict that American Tower Corp will post 8 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Friday, June 19th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, June 18th. This is a boost from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio (DPR) is 55.89%.

AMT has been the topic of several research reports. Edward Jones upgraded American Tower from a “hold” rating to a “buy” rating in a report on Tuesday, March 24th. Citigroup upgraded American Tower from a “neutral” rating to a “buy” rating and set a $280.00 price objective on the stock in a report on Thursday, March 5th. Oppenheimer upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $270.00 price objective on the stock in a report on Friday. Raymond James upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $211.00 price objective on the stock in a report on Thursday, March 26th. Finally, KeyCorp raised their price objective on American Tower from $254.00 to $273.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $257.38.

In other news, Director David E. Sharbutt sold 2,200 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $243.60, for a total value of $535,920.00. Following the completion of the sale, the director now owns 4,097 shares of the company’s stock, valued at approximately $998,029.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $238.11, for a total value of $1,533,190.29. Following the completion of the sale, the chief accounting officer now directly owns 37,120 shares of the company’s stock, valued at approximately $8,838,643.20. The disclosure for this sale can be found here. Insiders sold a total of 14,392 shares of company stock valued at $3,343,752 in the last three months. Insiders own 0.65% of the company’s stock.

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.

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

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