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Scotia Capital Inc. Sells 4,458 Shares of American Tower Corporation (NYSE:AMT)

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Key Points

  • Scotia Capital Inc. reduced its stake in American Tower Corporation by 4.2%, selling 4,458 shares, and now owns 101,972 shares valued at approximately $22.19 million.
  • CEO Juan Font sold 720 shares of American Tower stock at an average price of $208.33, leading to a 2.98% decrease in his ownership.
  • American Tower recently reported $2.60 EPS for the quarter, exceeding analysts' expectations, though quarterly revenue decreased by 9.4% from the previous year.
  • Five stocks to consider instead of American Tower.

Scotia Capital Inc. lessened its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 4.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 101,972 shares of the real estate investment trust's stock after selling 4,458 shares during the quarter. Scotia Capital Inc.'s holdings in American Tower were worth $22,189,000 as of its most recent SEC filing.

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

Insider Transactions at American Tower

In other American Tower news, CEO Juan Font sold 720 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the completion of the sale, the chief executive officer directly owned 23,425 shares of the company's stock, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

American Tower Trading Up 1.8%

NYSE:AMT opened at $212.18 on Friday. The company has a debt-to-equity ratio of 3.36, a current ratio of 0.95 and a quick ratio of 0.81. The firm has a 50-day moving average of $218.73 and a 200-day moving average of $210.53. The company has a market cap of $99.33 billion, a PE ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82. American Tower Corporation has a one year low of $172.51 and a one year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the firm posted $2.79 EPS. The firm's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, equities research analysts expect that American Tower Corporation will post 10.14 EPS for the current fiscal 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 $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 13th. American Tower's dividend payout ratio is presently 247.27%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AMT shares. Royal Bank Of Canada boosted their target price on shares of American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday. Scotiabank boosted their target price 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. The Goldman Sachs Group restated a "buy" rating on shares of American Tower in a report on Tuesday. HSBC lowered shares of American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price on the stock. in a report on Wednesday. Finally, Bank of America assumed coverage on shares of American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price target for the company. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $243.88.

View Our Latest Research Report on AMT

American Tower Profile

(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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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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