Korea Investment CORP Sells 110,453 Shares of American Tower Corporation $AMT

by · The Markets Daily

Korea Investment CORP lowered its holdings in American Tower Corporation (NYSE:AMT – Free Report) by 30.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 256,348 shares of the real estate investment trust’s stock after selling 110,453 shares during the quarter. Korea Investment CORP owned approximately 0.05% of American Tower worth $55,781,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AMT. Nuveen LLC bought a new stake in shares of American Tower in the 1st quarter valued at about $991,525,000. GAMMA Investing LLC grew its position in shares of American Tower by 23,627.3% in the 1st quarter. GAMMA Investing LLC now owns 1,701,957 shares of the real estate investment trust’s stock worth $370,346,000 after buying an additional 1,694,784 shares during the last quarter. Bessemer Group Inc. grew its position in shares of American Tower by 272.0% in the 1st quarter. Bessemer Group Inc. now owns 1,136,903 shares of the real estate investment trust’s stock worth $247,390,000 after buying an additional 831,247 shares during the last quarter. Northern Trust Corp grew its position in shares of American Tower by 10.5% in the 4th quarter. Northern Trust Corp now owns 5,525,180 shares of the real estate investment trust’s stock worth $1,013,373,000 after buying an additional 524,089 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of American Tower by 9.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,410,707 shares of the real estate investment trust’s stock worth $1,177,370,000 after buying an additional 488,218 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In other news, CEO Juan Font sold 720 shares of the company’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at $4,880,130.25. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMT. JMP Securities lifted their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a research report on Wednesday, April 30th. Raymond James Financial set a $250.00 price objective on shares of American Tower and gave the stock a “strong-buy” rating in a research report on Wednesday, July 30th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $245.00 price objective (down previously from $250.00) on shares of American Tower in a research report on Wednesday, July 30th. Scotiabank lifted their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 30th. Finally, Hsbc Global Res downgraded shares of American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $244.73.

Read Our Latest Analysis on AMT

American Tower Stock Down 1.5%

AMT stock opened at $202.95 on Tuesday. The firm’s fifty day simple moving average is $217.24 and its 200-day simple moving average is $212.17. The company has a market capitalization of $95.03 billion, a P/E ratio of 73.80, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56.

American Tower (NYSE:AMT – Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating the consensus estimate of $2.59 by $0.01. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.79 EPS. As a group, equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Profile

(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.

See Also

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