American Tower Corporation (NYSE:AMT) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 15.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,511 shares of the real estate investment trust's stock after selling 10,115 shares during the quarter. Bank of Nova Scotia's holdings in American Tower were worth $11,644,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AMT. North Capital Inc. bought a new stake in American Tower during the first quarter worth approximately $25,000. Hopwood Financial Services Inc. boosted its holdings in American Tower by 100.0% during the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after buying an additional 60 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in American Tower during the fourth quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in American Tower during the first quarter worth approximately $31,000. Finally, Lowe Wealth Advisors LLC boosted its holdings in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Up 0.3%

Shares of NYSE AMT opened at $212.69 on Tuesday. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The company has a market cap of $99.57 billion, a PE ratio of 77.34, a P/E/G ratio of 1.17 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The company has a 50-day moving average of $218.75 and a two-hundred day moving average of $210.83.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a net margin of 12.60% and a return on equity of 24.85%. American Tower's revenue for the quarter was down 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.79 earnings per share. As a group, equities analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.2%. American Tower's dividend payout ratio (DPR) is 247.27%.

Analyst Ratings Changes

A number of analysts recently weighed in on AMT shares. Royal Bank Of Canada raised their target price on shares of American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a report on Wednesday, July 30th. Hsbc Global Res cut shares of American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. BMO Capital Markets restated an "outperform" rating and set a $245.00 target price (down from $250.00) on shares of American Tower in a report on Wednesday, July 30th. Finally, Scotiabank raised their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company's stock.

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.

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