Strengthening Families & Communities LLC cut its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 93.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 743 shares of the real estate investment trust's stock after selling 10,103 shares during the period. Strengthening Families & Communities LLC's holdings in American Tower were worth $149,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. Invesco Ltd. increased its position in shares of American Tower by 0.5% during the first quarter. Invesco Ltd. now owns 5,971,716 shares of the real estate investment trust's stock valued at $1,299,445,000 after acquiring an additional 30,130 shares during the last quarter. Pandora Wealth Inc. acquired a new stake in shares of American Tower during the first quarter valued at about $606,000. Fiduciary Family Office LLC acquired a new position in shares of American Tower in the first quarter valued at approximately $614,000. True North Advisors LLC acquired a new position in shares of American Tower in the first quarter valued at approximately $249,000. Finally, Koa Wealth Management LLC grew its holdings in shares of American Tower by 17.4% in the first quarter. Koa Wealth Management LLC now owns 17,947 shares of the real estate investment trust's stock valued at $3,905,000 after purchasing an additional 2,657 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on AMT. Barclays lifted their price objective on shares of American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Scotiabank lifted their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the stock a "strong-buy" rating in a research note on Wednesday, July 30th. Finally, HSBC cut shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 price target for the company. in a report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, American Tower presently has an average rating of "Moderate Buy" and an average price target of $243.88.
Read Our Latest Report on American Tower
American Tower Stock Down 1.7%
AMT stock opened at $206.51 on Friday. The company has a fifty day moving average price of $218.37 and a 200 day moving average price of $211.24. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56. The company has a market cap of $96.70 billion, a price-to-earnings ratio of 75.09, a price-to-earnings-growth ratio of 1.18 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.95.
American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating the consensus estimate of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm earned $2.79 EPS. American Tower's revenue for the quarter was down 9.4% on a year-over-year basis. Sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.
American Tower Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. American Tower's dividend payout ratio is presently 247.27%.
Insider Buying and Selling
In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total transaction of $149,997.60. Following the completion of the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.17% of the company's stock.
About American Tower
(
Free Report)
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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