Allstate Corp Sells 171 Shares of American Tower Co. (NYSE:AMT)

Allstate Corp lowered its holdings in shares of American Tower Co. (NYSE:AMT) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,579 shares of the real estate investment trust’s stock after selling 171 shares during the period. Allstate Corp’s holdings in American Tower were worth $312,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Alera Investment Advisors LLC raised its holdings in American Tower by 1.3% in the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after buying an additional 51 shares during the last quarter. Augustine Asset Management Inc. raised its holdings in shares of American Tower by 0.8% during the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock valued at $1,531,000 after purchasing an additional 56 shares during the last quarter. McIlrath & Eck LLC raised its holdings in shares of American Tower by 13.9% during the fourth quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 56 shares during the last quarter. Glassman Wealth Services raised its holdings in shares of American Tower by 4.7% during the fourth quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock valued at $268,000 after purchasing an additional 56 shares during the last quarter. Finally, CFO4Life Group LLC raised its holdings in shares of American Tower by 5.4% during the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 57 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Wells Fargo & Company boosted their price objective on shares of American Tower from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. The Goldman Sachs Group began coverage on shares of American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Finally, Scotiabank cut their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $222.92.

American Tower Price Performance

Shares of AMT traded down $0.77 during mid-day trading on Monday, reaching $209.37. The stock had a trading volume of 1,438,700 shares, compared to its average volume of 2,335,365. The firm has a market cap of $97.77 billion, a price-to-earnings ratio of 47.53, a PEG ratio of 1.48 and a beta of 0.81. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10. The business has a fifty day moving average of $195.61 and a 200 day moving average of $193.64. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 earnings per share. Equities analysts predict that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.09%. American Tower’s dividend payout ratio is 146.61%.

Insider Buying and Selling

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

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.