Quest Partners LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

Quest Partners LLC reduced its stake in American Tower Co. (NYSE:AMT) by 85.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,528 shares of the real estate investment trust’s stock after selling 9,212 shares during the quarter. Quest Partners LLC’s holdings in American Tower were worth $297,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AMT. Fortis Capital Advisors LLC purchased a new position in shares of American Tower in the 4th quarter valued at $220,000. Accretive Wealth Partners LLC grew its position in American Tower by 9.4% during the 4th quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock worth $958,000 after purchasing an additional 380 shares during the last quarter. Aveo Capital Partners LLC purchased a new position in American Tower during the 4th quarter worth $344,000. Gryphon Financial Partners LLC boosted its holdings in shares of American Tower by 17.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 10,950 shares of the real estate investment trust’s stock valued at $2,472,000 after acquiring an additional 1,620 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in shares of American Tower in the fourth quarter valued at about $223,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of NYSE AMT opened at $238.50 on Friday. The company has a market cap of $111.40 billion, a PE ratio of 53.96, a price-to-earnings-growth ratio of 1.57 and a beta of 0.83. American Tower Co. has a 12 month low of $154.58 and a 12 month 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. The company has a 50-day simple moving average of $221.05 and a 200-day simple moving average of $201.18.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 earnings per share. On average, equities analysts anticipate that American Tower Co. will post 10.18 earnings per share for the current year.

American Tower Announces Dividend

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 issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.72%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Insider Transactions at American Tower

In related news, 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 completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 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 $12,070,789.42. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 over the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AMT has been the topic of several analyst reports. Scotiabank lifted their target price 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. Mizuho raised their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. BMO Capital Markets raised their price objective on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Royal Bank of Canada raised 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. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.29.

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.