Avitas Wealth Management LLC Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Avitas Wealth Management LLC lessened its holdings in American Tower Co. (NYSE:AMT) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,972 shares of the real estate investment trust’s stock after selling 114 shares during the quarter. Avitas Wealth Management LLC’s holdings in American Tower were worth $2,087,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Claro Advisors LLC grew its stake in American Tower by 16.5% during the 1st quarter. Claro Advisors LLC now owns 1,241 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 176 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of American Tower by 16.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 302,116 shares of the real estate investment trust’s stock worth $59,695,000 after purchasing an additional 42,797 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in American Tower by 8.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,339,721 shares of the real estate investment trust’s stock valued at $264,715,000 after buying an additional 98,667 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in American Tower during the first quarter worth $1,957,000. Finally, Norden Group LLC purchased a new stake in shares of American Tower in the 1st quarter worth about $7,884,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AMT shares. Scotiabank boosted their target price on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 31st. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. BMO Capital Markets upped their price objective on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Barclays raised their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada upped their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.92.

Insider Transactions at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,723 shares of company stock valued at $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of NYSE AMT opened at $212.91 on Wednesday. American Tower Co. has a 12-month low of $169.70 and a 12-month high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market cap of $99.45 billion, a PE ratio of 40.02, a P/E/G ratio of 1.09 and a beta of 0.83. The stock has a 50 day simple moving average of $228.70 and a 200-day simple moving average of $208.39.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.46 EPS. On average, equities research analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.04%. American Tower’s dividend payout ratio (DPR) is 121.80%.

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.