M&G Plc Reduces Stock Holdings in American Tower Co. (NYSE:AMT)

M&G Plc trimmed its position in American Tower Co. (NYSE:AMT) by 6.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 778,063 shares of the real estate investment trust’s stock after selling 51,735 shares during the period. American Tower comprises 0.9% of M&G Plc’s portfolio, making the stock its 25th biggest holding. M&G Plc owned about 0.17% of American Tower worth $150,944,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the 1st quarter valued at about $25,000. Gold Investment Management Ltd. purchased a new position in shares of American Tower during the 4th quarter valued at about $28,000. SOA Wealth Advisors LLC. purchased a new position in shares of American Tower during the 1st quarter valued at about $30,000. Private Wealth Management Group LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $31,000. Finally, Rational Advisors LLC purchased a new position in shares of American Tower during the 1st quarter valued at about $35,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 1.3 %

Shares of AMT stock traded down $2.92 during mid-day trading on Tuesday, hitting $222.62. The stock had a trading volume of 5,449,764 shares, compared to its average volume of 2,376,382. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $236.13. The firm has a market capitalization of $103.96 billion, a P/E ratio of 51.04, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81. The firm’s 50-day moving average is $205.26 and its two-hundred day moving average is $195.11. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.46 earnings per share. On average, analysts predict that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.91%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent analyst reports. BMO Capital Markets reissued an “outperform” rating and set a $246.00 target price (up previously from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Scotiabank lifted their target price on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their target price on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $230.42.

Insider Activity at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of the company’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 transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated 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 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. Insiders have sold 37,227 shares of company stock valued at $8,497,458 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.