Verition Fund Management LLC Sells 13,904 Shares of American Tower Co. (NYSE:AMT)

Verition Fund Management LLC reduced its position in American Tower Co. (NYSE:AMTFree Report) by 23.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,699 shares of the real estate investment trust’s stock after selling 13,904 shares during the quarter. Verition Fund Management LLC’s holdings in American Tower were worth $9,866,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AMT. Cross Staff Investments Inc grew its holdings in shares of American Tower by 5.1% during the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 244 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in shares of American Tower by 57.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after purchasing an additional 13,074 shares during the last quarter. Anchor Capital Advisors LLC grew its holdings in shares of American Tower by 38.1% during the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after purchasing an additional 21,139 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of American Tower by 23.2% during the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares during the last quarter. Finally, FAS Wealth Partners Inc. bought a new stake in shares of American Tower during the 4th quarter valued at approximately $2,001,000. 92.69% of the stock is owned by institutional investors.

American Tower Stock Up 0.3 %

Shares of NYSE AMT opened at $194.80 on Tuesday. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10. The company’s 50 day moving average price is $184.85 and its 200-day moving average price is $196.21. The company has a market capitalization of $90.97 billion, a P/E ratio of 44.07, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79.

American Tower (NYSE:AMTGet Free Report) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (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 analyst estimates of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.54 EPS. Equities analysts forecast that American Tower Co. will post 9.98 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.33%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Scotiabank cut their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. BMO Capital Markets cut their target price on shares of 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 upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. cut their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $220.91.

Get Our Latest Research Report on AMT

Insider Transactions at American Tower

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

American Tower Company Profile

(Free Report)

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.

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

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