NewEdge Advisors LLC Sells 12,648 Shares of American Tower Corporation $AMT

Key Points

• NewEdge Advisors reduced its American Tower position by 19.5% in the first quarter, selling 12,648 shares and retaining 52,153 shares valued at approximately $9.0 million.
• American Tower shares opened at $172.45, while the company maintained a quarterly dividend of $1.79 per share, equivalent to a 4.2% annualized yield.
• Analysts hold a “Moderate Buy” consensus rating with an average price target of $215.19, despite recent insider sales and mixed adjustments to individual analyst targets.

NewEdge Advisors LLC reduced its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 19.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 52,153 shares of the real estate investment trust's stock after selling 12,648 shares during the quarter. NewEdge Advisors LLC's holdings in American Tower were worth $9,001,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. J. Stern & Co. LLP increased its position in American Tower by 28,121.1% during the 4th quarter. J. Stern & Co. LLP now owns 37,686,978 shares of the real estate investment trust's stock valued at $6,616,703,000 after purchasing an additional 37,553,436 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of American Tower by 20,721.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust's stock worth $1,705,254,000 after purchasing an additional 9,666,025 shares during the period. Norges Bank bought a new stake in shares of American Tower during the 4th quarter valued at about $1,171,180,000. Lazard Asset Management LLC increased its position in shares of American Tower by 1,984.8% during the third quarter. Lazard Asset Management LLC now owns 4,464,382 shares of the real estate investment trust's stock valued at $858,552,000 after buying an additional 4,250,242 shares during the period. Finally, Capital International Investors increased its position in shares of American Tower by 157.0% during the fourth quarter. Capital International Investors now owns 3,871,368 shares of the real estate investment trust's stock valued at $679,696,000 after buying an additional 2,364,898 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 0.0%

Shares of American Tower stock opened at $172.45 on Monday. The company has a 50-day simple moving average of $174.51 and a two-hundred day simple moving average of $178.16. The stock has a market capitalization of $80.36 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 2.74 and a beta of 0.90. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were paid a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, June 12th. American Tower's dividend payout ratio (DPR) is currently 98.49%.

Analyst Ratings Changes

Several brokerages have commented on AMT. Sanford C. Bernstein restated an "outperform" rating and issued a $214.00 price objective on shares of American Tower in a report on Wednesday, July 29th. Mizuho raised American Tower from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Weiss Ratings upgraded American Tower from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, July 14th. Barclays dropped their price target on American Tower from $200.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their price objective on American Tower from $245.00 to $240.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $215.19.

Insider Buying and Selling at American Tower

In related news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer directly owned 21,428 shares of the company's stock, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ruth T. Dowling sold 1,106 shares of American Tower stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the completion of the sale, the executive vice president owned 27,711 shares of the company's stock, valued at $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 6,791 shares of company stock worth $1,204,091. Company insiders own 0.08% of the company's stock.

About American Tower

American Tower NYSE: AMT is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company's core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source