Hemington Wealth Management Sells 260 Shares of American Tower Co. (NYSE:AMT)

Hemington Wealth Management reduced its stake in American Tower Co. (NYSE:AMT) by 16.9% during the first quarter, Holdings Channel.com reports. The firm owned 1,280 shares of the real estate investment trust’s stock after selling 260 shares during the quarter. Hemington Wealth Management’s holdings in American Tower were worth $253,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of AMT. Mercer Global Advisors Inc. ADV grew its position in shares of American Tower by 7.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 27,047 shares of the real estate investment trust’s stock valued at $4,448,000 after purchasing an additional 1,897 shares in the last quarter. Townsquare Capital LLC grew its position in shares of American Tower by 10.1% during the third quarter. Townsquare Capital LLC now owns 14,425 shares of the real estate investment trust’s stock valued at $2,372,000 after purchasing an additional 1,323 shares in the last quarter. Integrated Wealth Concepts LLC grew its position in shares of American Tower by 5.9% during the third quarter. Integrated Wealth Concepts LLC now owns 9,617 shares of the real estate investment trust’s stock valued at $1,582,000 after purchasing an additional 537 shares in the last quarter. Silver Oak Securities Incorporated purchased a new position in shares of American Tower during the third quarter valued at about $117,000. Finally, Brown Shipley& Co Ltd purchased a new position in shares of American Tower during the third quarter valued at about $35,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AMT. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. BMO Capital Markets dropped their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Scotiabank dropped their price target on 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. Finally, Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target for the company. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $221.67.

Insider Activity

In other news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred 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 completion of 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 Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

American Tower Trading Up 5.3 %

Shares of NYSE:AMT traded up $10.46 during trading hours on Thursday, hitting $207.23. 2,256,029 shares of the company’s stock traded hands, compared to its average volume of 2,372,148. The business has a fifty day moving average price of $191.67 and a 200-day moving average price of $194.11. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The firm has a market capitalization of $96.77 billion, a P/E ratio of 46.88, a price-to-earnings-growth ratio of 1.40 and a beta of 0.81.

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 the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the firm posted $2.54 EPS. The business’s revenue was up 2.4% on a year-over-year basis. Equities analysts expect that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

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.