Brighton Jones LLC Sells 168 Shares of American Tower Co. (NYSE:AMT)

Brighton Jones LLC lowered its stake in shares of American Tower Co. (NYSE:AMT) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,918 shares of the real estate investment trust’s stock after selling 168 shares during the quarter. Brighton Jones LLC’s holdings in American Tower were worth $762,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AMT. Meyer Handelman Co. purchased a new stake in shares of American Tower during the 1st quarter worth approximately $801,000. TD Asset Management Inc raised its stake in shares of American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after buying an additional 51,882 shares during the period. Kingsview Wealth Management LLC raised its stake in shares of American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after buying an additional 4,660 shares during the period. Tidal Investments LLC lifted its position in shares of American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after buying an additional 4,430 shares during the last quarter. Finally, Cetera Advisors LLC grew its stake in shares of American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after acquiring an additional 9,275 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMT. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada lifted their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Scotiabank lifted their price target on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective on the stock. 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $233.29.

American Tower Trading Up 1.2 %

Shares of American Tower stock opened at $235.06 on Friday. The company has a 50 day simple moving average of $224.57 and a two-hundred day simple moving average of $202.42. The firm has a market cap of $109.77 billion, a PE ratio of 53.18, a PEG ratio of 1.60 and a beta of 0.83. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the firm posted $2.46 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. Analysts expect that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.76%. American Tower’s payout ratio is 146.61%.

Insiders Place Their Bets

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is owned by corporate insiders.

American Tower 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.