American Tower Corporation $AMT Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its position in American Tower Corporation (NYSE:AMT) by 4.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 281,960 shares of the real estate investment trust’s stock after selling 13,272 shares during the period. PNC Financial Services Group Inc.’s holdings in American Tower were worth $54,227,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of AMT. Norges Bank purchased a new position in shares of American Tower in the second quarter worth about $1,371,875,000. JPMorgan Chase & Co. grew its stake in American Tower by 24.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 12,666,082 shares of the real estate investment trust’s stock valued at $2,799,458,000 after acquiring an additional 2,474,328 shares in the last quarter. Viking Global Investors LP raised its holdings in American Tower by 233.5% in the 2nd quarter. Viking Global Investors LP now owns 2,797,125 shares of the real estate investment trust’s stock valued at $618,221,000 after acquiring an additional 1,958,329 shares during the last quarter. Invesco Ltd. lifted its stake in American Tower by 11.9% in the 2nd quarter. Invesco Ltd. now owns 6,680,524 shares of the real estate investment trust’s stock worth $1,476,529,000 after purchasing an additional 708,808 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of American Tower by 13.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,605,059 shares of the real estate investment trust’s stock worth $796,790,000 after purchasing an additional 434,537 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $69.75, for a total transaction of $159,631,314.75. Following the completion of the transaction, the insider owned 211,379 shares of the company’s stock, valued at approximately $14,743,685.25. This trade represents a 91.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AMT shares. Wells Fargo & Company cut their price target on American Tower from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, October 29th. BMO Capital Markets downgraded American Tower from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $210.00 to $185.00 in a research note on Friday, January 9th. Raymond James Financial lowered their price target on shares of American Tower from $231.00 to $229.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 23rd. Barclays reissued an “equal weight” rating and issued a $200.00 price objective (down previously from $203.00) on shares of American Tower in a report on Monday, December 1st. Finally, Argus set a $210.00 target price on shares of American Tower in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average target price of $218.79.

American Tower Stock Up 2.0%

Shares of AMT opened at $192.03 on Tuesday. The company’s 50-day moving average price is $177.43 and its 200 day moving average price is $186.70. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. The firm has a market cap of $89.90 billion, a P/E ratio of 30.68, a price-to-earnings-growth ratio of 0.80 and a beta of 0.93.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, December 29th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, December 29th. American Tower’s payout ratio is 108.63%.

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.