Mattern Wealth Management LLC Has $1.02 Million Stake in American Tower Co. (NYSE:AMT)

Mattern Wealth Management LLC lessened its position in American Tower Co. (NYSE:AMT) by 8.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,364 shares of the real estate investment trust’s stock after selling 403 shares during the period. Mattern Wealth Management LLC’s holdings in American Tower were worth $1,015,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of AMT. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the first quarter valued at about $25,000. Annex Advisory Services LLC acquired a new stake in American Tower during the first quarter worth approximately $234,000. Riverview Trust Co bought a new stake in shares of American Tower during the first quarter worth approximately $58,000. West Coast Financial LLC increased its stake in shares of American Tower by 18.6% during the first quarter. West Coast Financial LLC now owns 1,719 shares of the real estate investment trust’s stock worth $340,000 after purchasing an additional 270 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its holdings in American Tower by 4.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 14,890 shares of the real estate investment trust’s stock worth $2,942,000 after purchasing an additional 701 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

NYSE:AMT traded down $0.05 during trading hours on Tuesday, hitting $221.42. The company’s stock had a trading volume of 775,780 shares, compared to its average volume of 2,267,925. American Tower Co. has a twelve month low of $157.25 and a twelve month high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a fifty day simple moving average of $228.54 and a 200-day simple moving average of $206.83. The company has a market capitalization of $103.40 billion, a P/E ratio of 50.11, a PEG ratio of 1.03 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.46 earnings per share. On average, analysts anticipate that American Tower Co. will post 10.12 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 146.61%.

Analyst Ratings Changes

Several research firms have weighed in on AMT. JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Scotiabank lifted their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft increased their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $237.92.

Insider Buying and Selling

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 in the last 90 days. Insiders own 0.18% of the company’s stock.

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.