New Mexico Educational Retirement Board reduced its stake in American Tower Corp (NYSE:AMT) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,768 shares of the real estate investment trust’s stock after selling 800 shares during the period. New Mexico Educational Retirement Board’s holdings in American Tower were worth $7,246,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the business. Quantamental Technologies LLC purchased a new position in shares of American Tower during the fourth quarter valued at approximately $25,000. Canton Hathaway LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $26,000. Lavaca Capital LLC purchased a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. Acima Private Wealth LLC purchased a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. Finally, WESPAC Advisors SoCal LLC purchased a new position in shares of American Tower during the fourth quarter valued at approximately $27,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on AMT shares. Macquarie reissued a “buy” rating and set a $210.00 target price on shares of American Tower in a research note on Thursday, February 28th. Wells Fargo & Co boosted their target price on American Tower from $176.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, February 28th. Citigroup boosted their target price on American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. CIBC reissued a “market perform” rating on shares of American Tower in a research note on Thursday, February 28th. Finally, KeyCorp upped their price target on American Tower from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 12th. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. American Tower currently has an average rating of “Hold” and a consensus target price of $177.25.
American Tower stock opened at $192.20 on Wednesday. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.68 and a current ratio of 0.68. American Tower Corp has a 12 month low of $133.53 and a 12 month high of $198.19. The firm has a market capitalization of $86.50 billion, a price-to-earnings ratio of 24.06, a P/E/G ratio of 1.65 and a beta of 0.68.
American Tower (NYSE:AMT) last released its earnings results on Wednesday, February 27th. The real estate investment trust reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.25 by ($1.63). American Tower had a return on equity of 19.86% and a net margin of 16.62%. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the firm posted $0.51 earnings per share. The company’s revenue was up 25.0% compared to the same quarter last year. On average, research analysts predict that American Tower Corp will post 7.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Thursday, April 11th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.87%. This is an increase from American Tower’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Wednesday, April 10th. American Tower’s payout ratio is 45.06%.
In other news, Director Raymond P. Dolan sold 7,243 shares of the company’s stock in a transaction on Wednesday, January 23rd. The stock was sold at an average price of $164.83, for a total transaction of $1,193,863.69. Following the transaction, the director now directly owns 17,652 shares of the company’s stock, valued at $2,909,579.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Amit Sharma sold 32,500 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $194.35, for a total value of $6,316,375.00. Following the transaction, the executive vice president now directly owns 177,193 shares in the company, valued at $34,437,459.55. The disclosure for this sale can be found here. Insiders sold 119,753 shares of company stock worth $21,218,220 over the last three months. Corporate insiders own 0.87% of the company’s stock.
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American Tower 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 170,000 communications sites.
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