Prudential PLC Lowers Holdings in American Tower Corporation (REIT) (AMT)

Prudential PLC trimmed its stake in American Tower Corporation (REIT) (NYSE:AMT) by 11.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,749 shares of the real estate investment trust’s stock after selling 362 shares during the period. Prudential PLC’s holdings in American Tower Corporation (REIT) were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in American Tower Corporation (REIT) by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 28,442,502 shares of the real estate investment trust’s stock valued at $3,763,512,000 after buying an additional 881,020 shares during the period. Wellington Management Group LLP boosted its position in American Tower Corporation (REIT) by 8.4% in the 1st quarter. Wellington Management Group LLP now owns 21,788,278 shares of the real estate investment trust’s stock valued at $2,648,146,000 after buying an additional 1,679,615 shares during the period. Northern Trust Corp boosted its position in American Tower Corporation (REIT) by 9.2% in the 2nd quarter. Northern Trust Corp now owns 6,566,346 shares of the real estate investment trust’s stock valued at $868,858,000 after buying an additional 550,608 shares during the period. Edgewood Management LLC boosted its position in American Tower Corporation (REIT) by 2.6% in the 1st quarter. Edgewood Management LLC now owns 5,925,839 shares of the real estate investment trust’s stock valued at $720,226,000 after buying an additional 151,527 shares during the period. Finally, Geode Capital Management LLC boosted its position in American Tower Corporation (REIT) by 8.7% in the 1st quarter. Geode Capital Management LLC now owns 3,789,461 shares of the real estate investment trust’s stock valued at $459,850,000 after buying an additional 303,425 shares during the period. 92.07% of the stock is owned by institutional investors.

American Tower Corporation (REIT) (NYSE:AMT) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.55 by ($0.75). American Tower Corporation (REIT) had a net margin of 18.58% and a return on equity of 16.70%. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period in the previous year, the business posted $1.38 EPS. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Friday, September 29th will be paid a $0.66 dividend. This is a positive change from American Tower Corporation (REIT)’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, September 28th. This represents a $2.64 annualized dividend and a dividend yield of 1.89%. American Tower Corporation (REIT)’s dividend payout ratio (DPR) is presently 106.02%.

In other news, EVP Amit Sharma sold 20,747 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $139.67, for a total value of $2,897,733.49. Following the completion of the transaction, the executive vice president now owns 101,605 shares of the company’s stock, valued at $14,191,170.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Pamela D. A. Reeve sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $143.49, for a total transaction of $717,450.00. Following the completion of the transaction, the director now directly owns 17,758 shares of the company’s stock, valued at approximately $2,548,095.42. The disclosure for this sale can be found here. In the last three months, insiders sold 79,747 shares of company stock valued at $11,314,943. Insiders own 0.86% of the company’s stock.

Several research firms have issued reports on AMT. Zacks Investment Research cut shares of American Tower Corporation (REIT) from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. UBS AG boosted their price objective on shares of American Tower Corporation (REIT) from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Monday, September 11th. BidaskClub cut shares of American Tower Corporation (REIT) from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Argus boosted their price objective on shares of American Tower Corporation (REIT) from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Finally, Citigroup Inc. boosted their price objective on shares of American Tower Corporation (REIT) from $142.00 to $167.00 and gave the company a “buy” rating in a research report on Monday, August 28th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $148.58.

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About American Tower Corporation (REIT)

American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.

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

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