Truvestments Capital LLC Sells 7,576 Shares of American Tower Co. (NYSE:AMT)

Truvestments Capital LLC lowered its stake in American Tower Co. (NYSE:AMT) by 85.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,322 shares of the real estate investment trust’s stock after selling 7,576 shares during the quarter. Truvestments Capital LLC’s holdings in American Tower were worth $261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in AMT. Northwest Investment Counselors LLC bought a new stake in American Tower during the first quarter valued at about $25,000. Gold Investment Management Ltd. bought a new stake in American Tower during the 4th quarter valued at approximately $28,000. SOA Wealth Advisors LLC. purchased a new position in American Tower in the 1st quarter worth approximately $30,000. Private Wealth Management Group LLC purchased a new stake in American Tower during the 4th quarter valued at approximately $31,000. Finally, Rational Advisors LLC bought a new stake in shares of American Tower during the first quarter valued at approximately $35,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AMT shares. Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. Wells Fargo & Company lifted their target price on American Tower from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Barclays cut their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Scotiabank decreased their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Finally, BMO Capital Markets lowered their target price 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. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.92.

Insider Buying and Selling

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 transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other American Tower 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 directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the sale, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

American Tower Trading Up 1.8 %

American Tower stock traded up $3.80 during midday trading on Friday, reaching $213.72. The stock had a trading volume of 1,548,313 shares, compared to its average volume of 1,581,128. The firm has a market cap of $99.80 billion, a price-to-earnings ratio of 48.35, a price-to-earnings-growth ratio of 1.48 and a beta of 0.81. The company has a fifty day moving average of $197.59 and a 200 day moving average of $193.65. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business 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 business posted $2.54 earnings per share. American Tower’s revenue was up 2.4% on a year-over-year basis. On average, analysts anticipate that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

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.