The Manufacturers Life Insurance Company Sells 190,650 Shares of American Tower Corporation $AMT

The Manufacturers Life Insurance Company trimmed its holdings in American Tower Corporation (NYSE:AMT) by 7.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,315,919 shares of the real estate investment trust’s stock after selling 190,650 shares during the period. The Manufacturers Life Insurance Company’s holdings in American Tower were worth $399,681,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AMT. Quantinno Capital Management LP raised its stake in American Tower by 33.0% during the 1st quarter. Quantinno Capital Management LP now owns 132,375 shares of the real estate investment trust’s stock valued at $22,845,000 after purchasing an additional 32,877 shares during the period. BROOKFIELD Corp ON lifted its holdings in shares of American Tower by 0.7% in the first quarter. BROOKFIELD Corp ON now owns 218,234 shares of the real estate investment trust’s stock worth $37,663,000 after buying an additional 1,550 shares in the last quarter. Lazard Asset Management LLC grew its stake in American Tower by 20.4% during the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock valued at $1,264,311,000 after acquiring an additional 1,240,780 shares in the last quarter. Gateway Wealth Partners LLC purchased a new stake in American Tower in the 1st quarter worth $507,000. Finally, Blue Chip Partners LLC boosted its holdings in shares of American Tower by 7.4% during the 1st quarter. Blue Chip Partners LLC now owns 1,260 shares of the real estate investment trust’s stock valued at $217,000 after purchasing an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 0.0%

Shares of NYSE AMT opened at $166.69 on Tuesday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 3.07. The stock has a market capitalization of $77.66 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91. American Tower Corporation has a 12-month low of $160.06 and a 12-month high of $229.07. The stock’s fifty day simple moving average is $176.56 and its two-hundred day simple moving average is $178.30.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $1.24. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.75 EPS. As a group, analysts expect that American Tower Corporation will post 10.66 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 4.3%. American Tower’s dividend payout ratio (DPR) is currently 115.67%.

Insider Activity

In related news, EVP Ruth T. Dowling sold 416 shares of the business’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the completion of the transaction, the executive vice president directly owned 29,461 shares in the company, valued at $5,230,505.94. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Sanford C. Bernstein upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 target price on the stock in a research report on Tuesday, May 19th. Jefferies Financial Group lifted their price objective on American Tower from $209.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Royal Bank Of Canada upgraded American Tower from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $195.00 to $205.00 in a research report on Friday, June 26th. Barclays reduced their price target on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Friday, June 26th. They set a “buy” rating and a $215.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $215.57.

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.