B. Riley Wealth Advisors Inc. Sells 13,012 Shares of American Tower Co. (NYSE:AMT)

B. Riley Wealth Advisors Inc. cut its position in American Tower Co. (NYSE:AMT) by 31.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,814 shares of the real estate investment trust’s stock after selling 13,012 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in American Tower were worth $5,647,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after purchasing an additional 2,839,570 shares in the last quarter. Principal Financial Group Inc. lifted its stake in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after purchasing an additional 2,336,501 shares during the last quarter. Ameriprise Financial Inc. grew its position in American Tower by 41.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after purchasing an additional 965,938 shares in the last quarter. Finally, M&G Plc bought a new stake in shares of American Tower during the first quarter worth about $164,300,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented 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. Wells Fargo & Company boosted their price objective on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. TD Cowen raised 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. The Goldman Sachs Group initiated coverage on American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Two 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. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

Insider Activity at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction 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 owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’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 disclosure for this sale can be found here. In the last quarter, insiders have sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Up 0.9 %

AMT stock opened at $232.46 on Tuesday. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56. The stock’s 50 day simple moving average is $227.39 and its 200 day simple moving average is $203.65. The company has a market cap of $108.58 billion, a P/E ratio of 52.59, a price-to-earnings-growth ratio of 1.05 and a beta of 0.83.

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

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued 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 dividend yield of 2.79%. American Tower’s dividend payout ratio is presently 146.61%.

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.