NewEdge Advisors LLC Decreases Holdings in American Tower Corporation $AMT

NewEdge Advisors LLC reduced its position in American Tower Corporation (NYSE:AMT) by 19.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,153 shares of the real estate investment trust’s stock after selling 12,648 shares during the period. NewEdge Advisors LLC’s holdings in American Tower were worth $9,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Richards Merrill & Peterson Inc. bought a new position in American Tower in the fourth quarter valued at about $25,000. Oakworth Capital Inc. grew its stake in shares of American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 68 shares during the period. Swiss RE Ltd. bought a new position in shares of American Tower in the 4th quarter worth approximately $25,000. Triumph Capital Management purchased a new position in shares of American Tower in the third quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC bought a new stake in American Tower during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on AMT shares. BMO Capital Markets upped their target price on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a report on Wednesday, July 29th. Citizens Jmp reissued a “market outperform” rating and set a $260.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. Scotiabank restated an “outperform” rating on shares of American Tower in a research note on Wednesday, July 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $214.00 target price on shares of American Tower in a report on Wednesday, July 29th. Finally, Mizuho upgraded American Tower from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $215.19.

American Tower Price Performance

NYSE:AMT opened at $172.45 on Monday. The business’s 50-day simple moving average is $174.51 and its two-hundred day simple moving average is $178.16. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $214.79. The stock has a market cap of $80.36 billion, a PE ratio of 23.72, a P/E/G ratio of 2.74 and a beta of 0.90. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued 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 yield of 4.2%. American Tower’s payout ratio is currently 98.49%.

Insider Activity at American Tower

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

American Tower Company 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.