Diversify Wealth Management LLC Has $839,000 Position in American Tower Co. (NYSE:AMT)

Diversify Wealth Management LLC cut its holdings in American Tower Co. (NYSE:AMT) by 8.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,706 shares of the real estate investment trust’s stock after selling 325 shares during the period. Diversify Wealth Management LLC’s holdings in American Tower were worth $839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AMT. Allspring Global Investments Holdings LLC raised its position in shares of American Tower by 16.5% in 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 acquiring an additional 42,797 shares in the last quarter. Norden Group LLC bought a new position in shares of American Tower in the 1st quarter worth about $7,884,000. Kovack Advisors Inc. raised its position in shares of American Tower by 11.5% in the 1st quarter. Kovack Advisors Inc. now owns 1,649 shares of the real estate investment trust’s stock worth $326,000 after acquiring an additional 170 shares in the last quarter. First Trust Direct Indexing L.P. raised its position in shares of American Tower by 15.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 10,827 shares of the real estate investment trust’s stock worth $2,139,000 after acquiring an additional 1,424 shares in the last quarter. Finally, Veracity Capital LLC raised its position in shares of American Tower by 4.5% in the 1st quarter. Veracity Capital LLC now owns 1,422 shares of the real estate investment trust’s stock worth $281,000 after acquiring an additional 61 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 0.4 %

Shares of American Tower stock opened at $213.70 on Thursday. 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 stock has a market capitalization of $99.82 billion, a P/E ratio of 40.17, a P/E/G ratio of 1.09 and a beta of 0.83. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The stock’s 50-day simple moving average is $228.58 and its 200 day simple moving average is $208.42.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.03%. American Tower’s dividend payout ratio (DPR) is 121.80%.

Insiders Place Their Bets

In other news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. BMO Capital Markets decreased their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Scotiabank decreased their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, TD Cowen boosted their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $235.85.

About American Tower

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.