American Tower Co. (NYSE:AMT) Shares Sold by Naviter Wealth LLC

Naviter Wealth LLC cut its stake in American Tower Co. (NYSE:AMT) by 12.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,102 shares of the real estate investment trust’s stock after selling 4,718 shares during the quarter. American Tower makes up approximately 1.1% of Naviter Wealth LLC’s investment portfolio, making the stock its 17th largest position. Naviter Wealth LLC’s holdings in American Tower were worth $7,698,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AMT. Northwest Investment Counselors LLC acquired a new stake in American Tower during the first quarter valued at $25,000. Fairscale Capital LLC acquired a new stake in shares of American Tower during the 2nd quarter valued at about $27,000. Cultivar Capital Inc. purchased a new position in shares of American Tower in the 2nd quarter valued at about $25,000. Hobbs Group Advisors LLC purchased a new position in American Tower during the second quarter worth approximately $29,000. Finally, SOA Wealth Advisors LLC. acquired a new stake in American Tower in the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Down 1.0 %

NYSE:AMT traded down $2.25 on Thursday, hitting $225.27. The stock had a trading volume of 88,423 shares, compared to its average volume of 2,274,898. The stock has a market cap of $105.22 billion, a price-to-earnings ratio of 42.78, a PEG ratio of 1.01 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a fifty day moving average price of $228.54 and a two-hundred day moving average price of $206.06. American Tower Co. has a 1-year low of $157.25 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last posted 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 analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business earned $2.46 EPS. Equities research analysts expect that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.88%. American Tower’s dividend payout ratio is currently 121.80%.

Insider Activity at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AMT. Scotiabank upped their target price on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Barclays boosted their target price on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets raised their target price on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $235.21.

American Tower Company 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.