Border to Coast Pensions Partnership Ltd Lowers Stock Holdings in American Tower Co. (NYSE:AMT)

Border to Coast Pensions Partnership Ltd trimmed its position in American Tower Co. (NYSE:AMT) by 12.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,795 shares of the real estate investment trust’s stock after selling 44,804 shares during the quarter. American Tower makes up approximately 1.5% of Border to Coast Pensions Partnership Ltd’s portfolio, making the stock its 15th biggest holding. Border to Coast Pensions Partnership Ltd owned approximately 0.07% of American Tower worth $74,618,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. 1858 Wealth Management LLC purchased a new stake in American Tower in the third quarter valued at approximately $536,000. Clarus Group Inc. raised its stake in American Tower by 30.6% in the third quarter. Clarus Group Inc. now owns 5,214 shares of the real estate investment trust’s stock valued at $1,213,000 after purchasing an additional 1,222 shares in the last quarter. Prio Wealth Limited Partnership raised its stake in American Tower by 34.0% in the third quarter. Prio Wealth Limited Partnership now owns 1,693 shares of the real estate investment trust’s stock valued at $394,000 after purchasing an additional 430 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in American Tower by 26.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 363,608 shares of the real estate investment trust’s stock valued at $84,561,000 after acquiring an additional 77,026 shares during the last quarter. Finally, Vest Financial LLC grew its position in American Tower by 201.2% during the third quarter. Vest Financial LLC now owns 14,166 shares of the real estate investment trust’s stock valued at $3,294,000 after acquiring an additional 9,463 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AMT shares. Scotiabank raised their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. Barclays boosted their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, BMO Capital Markets boosted their target price on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, September 13th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.92.

Insider Buying and Selling at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,723 shares of company stock valued at $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Down 2.4 %

AMT stock traded down $5.49 during trading on Monday, reaching $220.81. 557,507 shares of the company traded hands, compared to its average volume of 2,271,858. The business has a 50 day simple moving average of $228.62 and a 200 day simple moving average of $206.61. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a 12 month low of $157.25 and a 12 month high of $243.56. The company has a market capitalization of $103.14 billion, a price-to-earnings ratio of 42.54, a price-to-earnings-growth ratio of 1.03 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business posted $2.46 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Co. will post 10.12 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 121.80%.

American Tower Company 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.