US Asset Management LLC Cuts Stock Position in American Tower Co. (NYSE:AMT)

US Asset Management LLC decreased its stake in shares of American Tower Co. (NYSE:AMT) by 3.8% in the second quarter, Holdings Channel reports. The institutional investor owned 3,623 shares of the real estate investment trust’s stock after selling 143 shares during the quarter. US Asset Management LLC’s holdings in American Tower were worth $704,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. HBK Sorce Advisory LLC lifted its holdings in shares of American Tower by 8.2% during the second quarter. HBK Sorce Advisory LLC now owns 1,534 shares of the real estate investment trust’s stock valued at $298,000 after purchasing an additional 116 shares in the last quarter. Federated Hermes Inc. lifted its stake in American Tower by 12.9% during the 2nd quarter. Federated Hermes Inc. now owns 671,147 shares of the real estate investment trust’s stock valued at $130,458,000 after acquiring an additional 76,604 shares during the period. Prevail Innovative Wealth Advisors LLC boosted its holdings in shares of American Tower by 102.1% during the 2nd quarter. Prevail Innovative Wealth Advisors LLC now owns 21,947 shares of the real estate investment trust’s stock valued at $4,266,000 after acquiring an additional 11,088 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in shares of American Tower by 29.6% in the second quarter. Meeder Advisory Services Inc. now owns 5,975 shares of the real estate investment trust’s stock worth $1,161,000 after acquiring an additional 1,363 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of American Tower by 10.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 600,929 shares of the real estate investment trust’s stock valued at $116,964,000 after purchasing an additional 55,347 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of several research analyst reports. Barclays lowered their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. The Goldman Sachs Group began coverage on American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. TD Cowen raised their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $233.29.

Insiders Place Their Bets

In related news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were 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 $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,723 shares of company stock valued at $7,795,397. Insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $238.50 on Friday. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $111.37 billion, a PE ratio of 53.96, a PEG ratio of 1.59 and a beta of 0.83. American Tower Co. has a one year low of $154.58 and a one year high of $243.56. The firm has a fifty day moving average of $221.05 and a 200 day moving average of $201.08.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business earned $2.46 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that American Tower Co. will post 10.18 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.72%. American Tower’s payout ratio is 146.61%.

American Tower Company 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.