Verde Capital Management Trims Position in American Tower Co. (NYSE:AMT)

Verde Capital Management trimmed its stake in American Tower Co. (NYSE:AMT) by 1.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,851 shares of the real estate investment trust’s stock after selling 174 shares during the period. American Tower comprises 0.6% of Verde Capital Management’s holdings, making the stock its 28th biggest holding. Verde Capital Management’s holdings in American Tower were worth $2,058,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in AMT. Czech National Bank boosted its holdings in shares of American Tower by 6.9% in the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock valued at $22,128,000 after purchasing an additional 6,163 shares during the period. Kingsview Wealth Management LLC grew its position in shares of American Tower by 13.8% during the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after buying an additional 4,660 shares in the last quarter. Tidal Investments LLC increased its stake in shares of American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after buying an additional 4,430 shares during the period. Cetera Advisors LLC raised its holdings in shares of American Tower by 29.0% in the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after acquiring an additional 9,275 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in American Tower by 5.3% during the 1st quarter. Nordea Investment Management AB now owns 871,635 shares of the real estate investment trust’s stock worth $172,061,000 after acquiring an additional 43,531 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of AMT opened at $226.30 on Friday. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50-day moving average of $228.62 and a two-hundred day moving average of $206.51. The stock has a market cap of $105.68 billion, a P/E ratio of 51.20, a P/E/G ratio of 1.01 and a beta of 0.83. American Tower Co. has a one year low of $157.25 and a one year high of $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period last year, the firm earned $2.46 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.86%. American Tower’s payout ratio is currently 146.61%.

Insider Buying and Selling

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 shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $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 can be accessed through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock valued at $7,795,397 over the last 90 days. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AMT shares. 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 price target on the stock. JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Barclays increased their price target on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $237.92.

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.