Evermay Wealth Management LLC Sells 59 Shares of American Tower Co. (NYSE:AMT)

Evermay Wealth Management LLC decreased its holdings in American Tower Co. (NYSE:AMT) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,174 shares of the real estate investment trust’s stock after selling 59 shares during the period. Evermay Wealth Management LLC’s holdings in American Tower were worth $232,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Northwest Investment Counselors LLC bought a new position in American Tower during the first quarter valued at approximately $25,000. Gold Investment Management Ltd. bought a new position in shares of American Tower during the 4th quarter valued at $28,000. Thompson Investment Management Inc. purchased a new position in shares of American Tower in the 4th quarter worth $29,000. SOA Wealth Advisors LLC. bought a new stake in shares of American Tower in the first quarter worth $30,000. Finally, Private Wealth Management Group LLC purchased a new stake in American Tower during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other American Tower news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, 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. 0.18% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. BMO Capital Markets decreased their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Scotiabank cut their price objective on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. Finally, Mizuho initiated coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average price target of $222.92.

American Tower Price Performance

AMT traded up $0.53 on Thursday, hitting $209.92. 1,896,241 shares of the company’s stock traded hands, compared to its average volume of 2,321,310. The company’s 50 day simple moving average is $197.20 and its 200-day simple moving average is $193.79. 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 one year low of $154.58 and a one year high of $219.10. The firm has a market cap of $98.03 billion, a price-to-earnings ratio of 47.49, a P/E/G ratio of 1.47 and a beta of 0.81.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.54 EPS. As a group, research analysts anticipate that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a $1.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.09%. American Tower’s dividend payout ratio is currently 146.61%.

American Tower Profile

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.