American Tower Co. (REIT) (NYSE:AMT) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its stake in shares of American Tower Co. (REIT) (NYSE:AMT) by 32.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,437,739 shares of the real estate investment trust’s stock after selling 678,250 shares during the quarter. Canada Pension Plan Investment Board owned about 0.32% of American Tower worth $343,706,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Copeland Capital Management LLC increased its position in shares of American Tower by 8.5% during the 1st quarter. Copeland Capital Management LLC now owns 27,922 shares of the real estate investment trust’s stock valued at $6,675,000 after purchasing an additional 2,185 shares during the period. Harbor Investment Advisory LLC grew its position in American Tower by 5.9% in the first quarter. Harbor Investment Advisory LLC now owns 20,662 shares of the real estate investment trust’s stock worth $4,939,000 after acquiring an additional 1,145 shares in the last quarter. Nippon Life Global Investors Americas Inc. acquired a new stake in shares of American Tower in the 1st quarter valued at $8,954,000. Achmea Investment Management B.V. boosted its holdings in American Tower by 9.1% in the first quarter. Achmea Investment Management B.V. now owns 59,281 shares of the real estate investment trust’s stock worth $14,172,000 after purchasing an additional 4,951 shares in the last quarter. Finally, Slow Capital Inc. increased its position in American Tower by 27.0% during the first quarter. Slow Capital Inc. now owns 13,861 shares of the real estate investment trust’s stock worth $3,313,000 after buying an additional 2,949 shares during the last quarter. Institutional investors and hedge funds own 87.05% of the company’s stock.

In other American Tower news, EVP Steven O. Vondran sold 8,046 shares of the stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $279.09, for a total value of $2,245,558.14. Following the transaction, the executive vice president now owns 25,755 shares of the company’s stock, valued at $7,187,962.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Amit Sharma sold 40,276 shares of the company’s stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $248.48, for a total value of $10,007,780.48. Following the completion of the sale, the chief executive officer now directly owns 259,622 shares of the company’s stock, valued at $64,510,874.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,612 shares of company stock valued at $17,312,747. 0.68% of the stock is currently owned by insiders.

AMT has been the subject of several recent analyst reports. Raymond James increased their price objective on American Tower from $244.00 to $261.00 and gave the company an “outperform” rating in a report on Tuesday, May 4th. KeyCorp raised their price target on shares of American Tower from $285.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday. They noted that the move was a valuation call. Credit Suisse Group boosted their price objective on American Tower from $296.00 to $297.00 and gave the company an “outperform” rating in a research report on Friday, April 30th. Wells Fargo & Company increased their price objective on shares of American Tower from $280.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, July 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of American Tower from $250.00 to $295.00 and gave the stock a “hold” rating in a research report on Thursday, July 8th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $283.73.

NYSE:AMT traded up $0.36 during trading hours on Thursday, hitting $280.62. 46,527 shares of the stock were exchanged, compared to its average volume of 1,428,436. The firm has a market capitalization of $127.35 billion, a P/E ratio of 32.05, a P/E/G ratio of 2.18 and a beta of 0.24. The company has a debt-to-equity ratio of 6.45, a current ratio of 1.13 and a quick ratio of 1.13. The company’s 50 day moving average is $266.16. American Tower Co. has a twelve month low of $197.50 and a twelve month high of $284.65.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Wednesday, April 28th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.80). American Tower had a net margin of 23.40% and a return on equity of 44.78%. On average, research analysts anticipate that American Tower Co. will post 9.2 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 9th. Stockholders of record on Friday, June 18th were given a dividend of $1.27 per share. This is a boost from American Tower’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend was Thursday, June 17th. This represents a $5.08 annualized dividend and a dividend yield of 1.81%. American Tower’s payout ratio is currently 60.19%.

About American Tower

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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

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