CGN Advisors LLC Reduces Stock Holdings in American Tower Corporation $AMT

CGN Advisors LLC cut its position in shares of American Tower Corporation (NYSE:AMT) by 22.5% during the second quarter, Holdings Channel.com reports. The firm owned 14,793 shares of the real estate investment trust’s stock after selling 4,293 shares during the quarter. CGN Advisors LLC’s holdings in American Tower were worth $2,420,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Raleigh Capital Management Inc. increased its position in shares of American Tower by 489.1% during the first quarter. Raleigh Capital Management Inc. now owns 13,703 shares of the real estate investment trust’s stock valued at $2,365,000 after acquiring an additional 11,377 shares during the last quarter. Canal Capital Management LLC boosted its position in shares of American Tower by 81.9% during the 1st quarter. Canal Capital Management LLC now owns 34,471 shares of the real estate investment trust’s stock worth $5,949,000 after purchasing an additional 15,520 shares during the period. Bernzott Capital Advisors boosted its position in shares of American Tower by 29.3% during the 1st quarter. Bernzott Capital Advisors now owns 42,161 shares of the real estate investment trust’s stock worth $7,276,000 after purchasing an additional 9,556 shares during the period. Legal & General Group Plc increased its holdings in American Tower by 4.7% in the 4th quarter. Legal & General Group Plc now owns 4,873,695 shares of the real estate investment trust’s stock valued at $855,675,000 after purchasing an additional 220,447 shares during the last quarter. Finally, Palouse Capital Management Inc. purchased a new stake in American Tower in the first quarter valued at approximately $2,396,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AMT. Barclays dropped their price objective on American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. JPMorgan Chase & Co. cut their price target on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Scotiabank reissued an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Wolfe Research raised shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 target price on the stock in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group dropped their price target on shares of American Tower from $210.00 to $201.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $215.19.

American Tower Stock Up 1.3%

Shares of NYSE:AMT opened at $175.28 on Wednesday. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $214.79. The company has a market capitalization of $81.66 billion, a PE ratio of 24.11, a P/E/G ratio of 2.77 and a beta of 0.90. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 3.12. The firm has a 50 day simple moving average of $175.46 and a 200-day simple moving average of $178.42.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were given a $1.79 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.1%. American Tower’s dividend payout ratio is 98.49%.

Insider Buying and Selling

In other news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares of the company’s stock, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president owned 27,711 shares in the company, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,791 shares of company stock worth $1,204,091 in the last 90 days. 0.08% of the stock is currently owned by company insiders.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.