American Tower Co. (NYSE:AMT) Shares Sold by Richardson Financial Services Inc.

Richardson Financial Services Inc. cut its stake in shares of American Tower Co. (NYSE:AMT) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,487 shares of the real estate investment trust’s stock after selling 165 shares during the quarter. Richardson Financial Services Inc.’s holdings in American Tower were worth $483,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the first quarter worth about $25,000. Gold Investment Management Ltd. purchased a new position in American Tower during the 4th quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new stake in American Tower during the 2nd quarter valued at approximately $25,000. Hobbs Group Advisors LLC purchased a new stake in shares of American Tower in the 2nd quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. acquired a new stake in shares of American Tower in the first quarter worth $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Performance

NYSE:AMT opened at $235.95 on Thursday. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $110.18 billion, a PE ratio of 53.38, a P/E/G ratio of 1.60 and a beta of 0.83. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56. The company has a fifty day moving average of $223.58 and a two-hundred day moving average of $202.03.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, research analysts forecast that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is presently 146.61%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho boosted their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays decreased 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. Finally, BMO Capital Markets raised their price objective on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $233.29.

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.