Wealthspire Advisors LLC Cuts Holdings in American Tower Co. (REIT) (NYSE:AMT)

Wealthspire Advisors LLC decreased its stake in shares of American Tower Co. (REIT) (NYSE:AMT) by 89.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,095 shares of the real estate investment trust’s stock after selling 9,593 shares during the quarter. Wealthspire Advisors LLC’s holdings in American Tower were worth $296,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Wagner Wealth Management LLC purchased a new stake in American Tower during the 1st quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd purchased a new stake in American Tower during the 2nd quarter valued at approximately $34,000. Albion Financial Group UT purchased a new stake in American Tower during the 2nd quarter valued at approximately $36,000. Sound Income Strategies LLC raised its stake in American Tower by 116.4% during the 2nd quarter. Sound Income Strategies LLC now owns 158 shares of the real estate investment trust’s stock valued at $43,000 after acquiring an additional 85 shares during the last quarter. Finally, KB Financial Partners LLC purchased a new stake in American Tower during the 1st quarter valued at approximately $44,000. 89.57% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:AMT opened at $264.18 on Thursday. The business’s fifty day moving average price is $284.03 and its two-hundred day moving average price is $269.03. The stock has a market cap of $120.24 billion, a PE ratio of 53.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77. American Tower Co. has a one year low of $197.50 and a one year high of $303.72.

American Tower (NYSE:AMT) last announced its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. As a group, equities research analysts predict that American Tower Co. will post 9.28 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th will be issued a dividend of $1.31 per share. This is a boost from American Tower’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, September 27th. This represents a $5.24 annualized dividend and a dividend yield of 1.98%. American Tower’s dividend payout ratio (DPR) is 62.09%.

In other news, Director Robert D. Hormats sold 100 shares of American Tower stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $289.49, for a total transaction of $28,949.00. Following the sale, the director now directly owns 6,340 shares of the company’s stock, valued at $1,835,366.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David E. Sharbutt sold 739 shares of American Tower stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $300.71, for a total value of $222,224.69. The disclosure for this sale can be found here. Insiders have sold 939 shares of company stock worth $279,485 in the last 90 days. Insiders own 0.68% of the company’s stock.

AMT has been the subject of several analyst reports. Argus upped their price objective on American Tower from $288.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, August 12th. Morgan Stanley upped their price objective on American Tower from $270.00 to $316.00 and gave the company an “equal weight” rating in a research note on Friday, September 10th. They noted that the move was a valuation call. Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 13th. Credit Suisse Group increased their target price on American Tower from $314.00 to $323.00 and gave the stock an “outperform” rating in a research note on Friday, July 30th. Finally, Truist Securities increased their target price on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $298.29.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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