New Age Alpha Advisors LLC Lowers Stock Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• New Age Alpha Advisors LLC reduced its holdings in American Tower Corporation by 20.3%, selling 10,894 shares to hold a total of 42,797 shares, valued at approximately $9.31 million.
• Insider activity includes CEO Juan Font selling 720 shares of American Tower stock, resulting in a 2.98% decrease in his ownership of the company.
• Analysts have mixed views on American Tower, with recent price targets ranging from $223.00 to $260.00, while the consensus rating is a "Moderate Buy" with an average target of $243.88.

New Age Alpha Advisors LLC lowered its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 20.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,797 shares of the real estate investment trust's stock after selling 10,894 shares during the period. New Age Alpha Advisors LLC's holdings in American Tower were worth $9,313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Elmwood Wealth Management Inc. lifted its holdings in shares of American Tower by 2.5% in the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust's stock valued at $454,000 after purchasing an additional 50 shares in the last quarter. 4J Wealth Management LLC raised its holdings in shares of American Tower by 4.0% during the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust's stock worth $283,000 after acquiring an additional 50 shares in the last quarter. TCTC Holdings LLC raised its holdings in shares of American Tower by 15.8% during the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust's stock worth $81,000 after acquiring an additional 51 shares in the last quarter. Coyle Financial Counsel LLC raised its holdings in shares of American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust's stock worth $487,000 after acquiring an additional 53 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in shares of American Tower by 2.1% during the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock worth $477,000 after acquiring an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Activity at American Tower

In related news, CEO Juan Font sold 720 shares of American Tower stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Barclays increased their price objective on American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Raymond James Financial set a $250.00 price objective on American Tower and gave the stock a "strong-buy" rating in a report on Wednesday, July 30th. Hsbc Global Res lowered American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, JMP Securities raised their target price on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $243.88.

American Tower Trading Up 0.3%

American Tower stock opened at $212.69 on Tuesday. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The business's 50-day simple moving average is $218.75 and its 200-day simple moving average is $210.83. The firm has a market capitalization of $99.57 billion, a PE ratio of 77.34, a PEG ratio of 1.17 and a beta of 0.82. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56.

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

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. American Tower's payout ratio is presently 247.27%.

American Tower 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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