Rossmore Private Capital Reduces Holdings in American Tower Corporation (NYSE:AMT)

Key Points

• Rossmore Private Capital reduced its stake in American Tower Corporation by 22.6%, owning 9,540 shares valued at approximately $2.08 million after selling 2,780 shares.
• American Tower reported earnings of $2.60 per share for the last quarter, marginally beating analysts' expectations and resulting in a revenue of $2.63 billion, reflecting a 9.4% decline from the previous year.
• The company recently declared a $1.70 quarterly dividend, resulting in an annualized yield of 3.3% and a dividend payout ratio of 247.27%.

Rossmore Private Capital lowered its holdings in shares of American Tower Corporation (NYSE:AMT - Free Report) by 22.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,540 shares of the real estate investment trust's stock after selling 2,780 shares during the period. Rossmore Private Capital's holdings in American Tower were worth $2,076,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. North Capital Inc. acquired a new stake in American Tower during the 1st quarter worth $25,000. Hopwood Financial Services Inc. boosted its stake in American Tower by 100.0% during the 1st quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 60 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in American Tower during the 4th quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in American Tower during the 1st quarter worth $31,000. Finally, Lowe Wealth Advisors LLC boosted its stake in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE AMT traded down $0.33 during midday trading on Thursday, hitting $203.82. The company had a trading volume of 2,636,869 shares, compared to its average volume of 2,606,967. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a twelve month low of $172.51 and a twelve month high of $243.56. The business has a 50-day simple moving average of $217.81 and a two-hundred day simple moving average of $211.46. The firm has a market capitalization of $95.44 billion, a price-to-earnings ratio of 74.12, a price-to-earnings-growth ratio of 1.17 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $2.58 billion. During the same quarter last year, the business earned $2.79 earnings per share. The business's revenue for the quarter was down 9.4% compared to the same quarter last year. Equities research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current year.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the firm's stock in a transaction dated 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 directly owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. JMP Securities raised their target price 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. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. JPMorgan Chase & Co. raised their target price on shares of American Tower from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

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.