Savoie Capital LLC Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Savoie Capital LLC lessened its stake in shares of American Tower Co. (NYSE:AMT) by 79.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,150 shares of the real estate investment trust’s stock after selling 4,500 shares during the quarter. Savoie Capital LLC’s holdings in American Tower were worth $224,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in American Tower in the 1st quarter worth approximately $25,000. Cultivar Capital Inc. bought a new stake in shares of American Tower in the second quarter worth $25,000. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter valued at $27,000. Gold Investment Management Ltd. bought a new position in American Tower in the fourth quarter valued at about $28,000. Finally, Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter worth about $29,000. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on AMT shares. Barclays reduced their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Scotiabank increased their price target on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Royal Bank of Canada boosted their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Mizuho raised their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, Wells Fargo & Company boosted their price target on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Two investment 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 MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average price target of $234.00.

American Tower Trading Up 0.5 %

Shares of AMT opened at $236.24 on Tuesday. The firm has a market cap of $110.32 billion, a P/E ratio of 53.45, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. 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 Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The company has a 50 day simple moving average of $225.12 and a two-hundred day simple moving average of $202.62.

American Tower (NYSE:AMT) last posted its 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 net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the business posted $2.46 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. On average, equities analysts expect that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders 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 yield of 2.74%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

Insider Transactions at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower 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 stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the firm’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 of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

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.