Veracity Capital LLC Sells 195 Shares of American Tower Co. (NYSE:AMT)

Veracity Capital LLC cut its position in shares of American Tower Co. (NYSE:AMT) by 13.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,227 shares of the real estate investment trust’s stock after selling 195 shares during the period. Veracity Capital LLC’s holdings in American Tower were worth $238,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of AMT. Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 1st quarter worth approximately $25,000. Gold Investment Management Ltd. bought a new stake in American Tower during the fourth quarter worth $28,000. Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new position in shares of American Tower in the 1st quarter valued at about $30,000. Finally, Private Wealth Management Group LLC acquired a new position in shares of American Tower during the 4th quarter worth about $31,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Down 0.4 %

Shares of NYSE:AMT traded down $0.89 during trading on Wednesday, reaching $219.49. The stock had a trading volume of 2,005,924 shares, compared to its average volume of 2,356,500. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market capitalization of $102.52 billion, a P/E ratio of 49.86, a PEG ratio of 1.48 and a beta of 0.81. American Tower Co. has a one year low of $154.58 and a one year high of $236.13. The firm’s 50-day simple moving average is $208.12 and its 200 day simple moving average is $196.12.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the business earned $2.46 EPS. As a group, research analysts expect that American Tower Co. will post 10.04 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Friday, June 14th. American Tower’s payout ratio is 146.61%.

Insider Activity

In related news, EVP Sanjay Goel sold 3,504 shares of the 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 directly owns 28,413 shares in the company, valued at $5,692,828.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of the company’s 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 transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders sold 37,227 shares of company stock worth $8,497,458 over the last three months. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AMT shares. The Goldman Sachs Group started coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. TD Cowen increased their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $231.14.

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.