American Tower Co. (NYSE:AMT) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC cut its holdings in American Tower Co. (NYSE:AMT) by 13.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,470 shares of the real estate investment trust’s stock after selling 225 shares during the period. Wealthspire Advisors LLC’s holdings in American Tower were worth $291,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC acquired a new position in American Tower in the first quarter valued at approximately $25,000. Gold Investment Management Ltd. acquired a new position in American Tower during the fourth quarter worth $28,000. Thompson Investment Management Inc. acquired a new position in American Tower during the fourth quarter worth $29,000. Private Wealth Management Group LLC acquired a new position in American Tower during the fourth quarter worth $31,000. Finally, SOA Wealth Advisors LLC. acquired a new position in American Tower during the first quarter worth $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other American Tower news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on AMT shares. Morgan Stanley upped their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective on the stock. Mizuho started coverage on American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. Scotiabank reduced their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, BMO Capital Markets reduced their price objective 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. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $221.67.

American Tower Stock Up 1.6 %

NYSE:AMT traded up $3.41 during trading hours on Friday, hitting $210.61. The company’s stock had a trading volume of 2,238,589 shares, compared to its average volume of 1,644,929. The stock has a market capitalization of $98.35 billion, a P/E ratio of 47.65, a price-to-earnings-growth ratio of 1.48 and a beta of 0.81. The stock has a fifty day moving average of $192.80 and a 200-day moving average of $194.17. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $2.54 EPS. On average, equities analysts forecast that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.08%. The ex-dividend date was Friday, June 14th. American Tower’s payout ratio is 146.61%.

About American Tower

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.