American Tower Co. (NYSE:AMT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in American Tower Co. (NYSE:AMTFree Report) by 8.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 800,268 shares of the real estate investment trust’s stock after selling 78,426 shares during the period. Franklin Resources Inc.’s holdings in American Tower were worth $172,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AMT. Norges Bank purchased a new stake in American Tower in the 4th quarter valued at approximately $1,051,898,000. Jennison Associates LLC boosted its holdings in American Tower by 41.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after purchasing an additional 1,541,029 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in American Tower by 16,195.9% in the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock valued at $1,833,560,000 after purchasing an additional 844,128 shares in the last quarter. Wellington Management Group LLP boosted its holdings in American Tower by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock valued at $2,135,227,000 after purchasing an additional 691,934 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in American Tower by 22.9% in the 3rd quarter. Clearbridge Investments LLC now owns 3,255,988 shares of the real estate investment trust’s stock valued at $535,447,000 after purchasing an additional 607,199 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $191.27 on Thursday. The business’s fifty day moving average price is $185.77 and its two-hundred day moving average price is $196.15. The stock has a market cap of $89.32 billion, a PE ratio of 43.27, a price-to-earnings-growth ratio of 1.39 and a beta of 0.71. 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 one year low of $154.58 and a one year high of $219.10.

American Tower (NYSE:AMTGet Free Report) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 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%. American Tower’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.54 EPS. On average, analysts forecast that American Tower Co. will post 9.96 EPS for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio is presently 146.61%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMT. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and boosted their price target for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. BMO Capital Markets decreased their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Barclays boosted their price target on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Finally, Mizuho began coverage on American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 price target on the stock. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $221.91.

View Our Latest Analysis on American Tower

Insiders Place Their Bets

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. Insiders have sold a total of 17,264 shares of company stock valued at $3,458,757 in the last quarter. 0.18% of the stock is currently owned by company insiders.

About American Tower

(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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