Miracle Mile Advisors LLC Sells 203 Shares of American Tower Co. (NYSE:AMT)

Miracle Mile Advisors LLC cut its holdings in American Tower Co. (NYSE:AMT) by 5.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,678 shares of the real estate investment trust’s stock after selling 203 shares during the period. Miracle Mile Advisors LLC’s holdings in American Tower were worth $855,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Chemistry Wealth Management LLC purchased a new position in American Tower during the third quarter valued at $207,000. Everpar Advisors LLC raised its stake in shares of American Tower by 11.8% in the third quarter. Everpar Advisors LLC now owns 2,047 shares of the real estate investment trust’s stock worth $476,000 after buying an additional 216 shares during the period. Diversified Trust Co lifted its position in shares of American Tower by 66.8% during the 3rd quarter. Diversified Trust Co now owns 4,750 shares of the real estate investment trust’s stock valued at $1,105,000 after buying an additional 1,902 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of American Tower by 34.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,871 shares of the real estate investment trust’s stock valued at $1,598,000 after acquiring an additional 1,757 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in American Tower by 1.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 200,713 shares of the real estate investment trust’s stock worth $46,678,000 after acquiring an additional 3,418 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In related 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 completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’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 approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 of the company’s stock, valued at $12,070,789.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by insiders.

American Tower Trading Up 0.4 %

Shares of AMT opened at $224.25 on Wednesday. American Tower Co. has a fifty-two week low of $157.25 and a fifty-two week high of $243.56. 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 company’s fifty day moving average is $229.04 and its 200 day moving average is $204.79. The stock has a market capitalization of $104.74 billion, a PE ratio of 50.74, a P/E/G ratio of 1.02 and a beta of 0.83.

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). The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.46 earnings per share. Sell-side analysts expect that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 146.61%.

Analyst Upgrades and Downgrades

AMT has been the topic of several analyst reports. Scotiabank lifted their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. upped their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, 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. Two 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

American Tower Company 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.