Cerity Partners LLC Sells 8,228 Shares of American Tower Corporation (NYSE:AMT)

Cerity Partners LLC lessened its stake in American Tower Corporation (NYSE:AMT - Free Report) by 9.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,231 shares of the real estate investment trust's stock after selling 8,228 shares during the period. Cerity Partners LLC's holdings in American Tower were worth $17,676,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. North Capital Inc. bought a new stake in shares of American Tower during the 1st quarter valued at $25,000. Minot DeBlois Advisors LLC bought a new stake in shares of American Tower during the 4th quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of American Tower in the 1st quarter valued at $31,000. Graney & King LLC acquired a new position in shares of American Tower in the 4th quarter valued at $32,000. Finally, Lowe Wealth Advisors LLC grew its holdings in shares of American Tower by 218.0% in the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 109 shares during the period. Institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the subject of several research analyst reports. Raymond James Financial boosted their price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a report on Wednesday, April 30th. Scotiabank upped their target price on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 30th. Bank of America initiated coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 target price for the company. JMP Securities increased their price objective on shares of American Tower from $248.00 to $260.00 and gave the stock a "market outperform" rating in a research note on Wednesday, April 30th. Finally, UBS Group increased their price objective on shares of American Tower from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, American Tower has an average rating of "Buy" and an average price target of $240.88.

American Tower Stock Performance

Shares of AMT traded down $0.84 during mid-day trading on Thursday, hitting $222.52. 393,597 shares of the company's stock were exchanged, compared to its average volume of 2,497,523. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56. The stock's 50-day simple moving average is $216.32 and its 200-day simple moving average is $206.81. The firm has a market cap of $104.17 billion, a price-to-earnings ratio of 57.24, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.34. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter last year, the business posted $2.79 EPS. On average, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.06%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.