Perigon Wealth Management LLC lowered its position in American Tower Corp (NYSE:AMT) by 11.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,068 shares of the real estate investment trust’s stock after selling 134 shares during the quarter. Perigon Wealth Management LLC’s holdings in American Tower were worth $276,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Livingston Group Asset Management CO operating as Southport Capital Management grew its holdings in American Tower by 4.5% during the 2nd quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 2,385 shares of the real estate investment trust’s stock valued at $617,000 after buying an additional 103 shares in the last quarter. Courier Capital LLC increased its stake in shares of American Tower by 9.9% during the second quarter. Courier Capital LLC now owns 2,415 shares of the real estate investment trust’s stock valued at $638,000 after buying an additional 217 shares during the period. Advisor Group Holdings Inc. purchased a new stake in American Tower in the first quarter worth $22,503,000. Fiera Capital Corp grew its stake in American Tower by 10.3% in the first quarter. Fiera Capital Corp now owns 1,435 shares of the real estate investment trust’s stock worth $312,000 after purchasing an additional 134 shares during the period. Finally, Creative Financial Designs Inc. ADV purchased a new stake in American Tower in the second quarter worth $75,000. 91.00% of the stock is owned by institutional investors.
Several brokerages recently weighed in on AMT. Deutsche Bank began coverage on American Tower in a research note on Friday, June 5th. They issued a “buy” rating and a $287.00 target price on the stock. Barclays began coverage on American Tower in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $296.00 target price on the stock. Morgan Stanley increased their target price on American Tower from $245.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Monday, June 1st. Zacks Investment Research raised American Tower from a “sell” rating to a “hold” rating and set a $273.00 target price on the stock in a research note on Monday, June 29th. Finally, KeyCorp cut American Tower from an “overweight” rating to a “sector weight” rating in a research note on Monday, July 13th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $271.54.
American Tower (NYSE:AMT) last posted its earnings results on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.99). American Tower had a net margin of 24.70% and a return on equity of 39.62%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the prior year, the company posted $2.01 EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. Equities analysts predict that American Tower Corp will post 7.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 19th were paid a $1.10 dividend. The ex-dividend date was Thursday, June 18th. This represents a $4.40 annualized dividend and a dividend yield of 1.68%. This is an increase from American Tower’s previous quarterly dividend of $1.08. American Tower’s dividend payout ratio (DPR) is 56.92%.
In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 6,439 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $238.11, for a total transaction of $1,533,190.29. Following the completion of the transaction, the chief accounting officer now owns 37,120 shares in the company, valued at approximately $8,838,643.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Steven O. Vondran sold 1,388 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $259.50, for a total value of $360,186.00. Following the transaction, the executive vice president now owns 24,386 shares of the company’s stock, valued at approximately $6,328,167. The disclosure for this sale can be found here. Insiders sold 13,220 shares of company stock worth $3,317,755 in the last ninety days. Corporate insiders own 0.65% 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 approximately 171,000 communications sites.
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