Wealthspire Advisors LLC Has $296,000 Position in American Tower Co. (REIT) (NYSE:AMT)

Wealthspire Advisors LLC lowered its stake in shares of American Tower Co. (REIT) (NYSE:AMT) by 89.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,095 shares of the real estate investment trust’s stock after selling 9,593 shares during the period. Wealthspire Advisors LLC’s holdings in American Tower were worth $296,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Neuberger Berman Group LLC raised its position in American Tower by 7.7% in the second quarter. Neuberger Berman Group LLC now owns 1,855,348 shares of the real estate investment trust’s stock worth $500,032,000 after purchasing an additional 132,974 shares in the last quarter. Dai Ichi Life Insurance Company Ltd raised its position in American Tower by 59.4% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 49,635 shares of the real estate investment trust’s stock worth $13,408,000 after purchasing an additional 18,490 shares in the last quarter. Howe & Rusling Inc. raised its position in American Tower by 3.8% in the second quarter. Howe & Rusling Inc. now owns 11,820 shares of the real estate investment trust’s stock worth $3,193,000 after purchasing an additional 428 shares in the last quarter. LPL Financial LLC raised its position in American Tower by 15.0% in the second quarter. LPL Financial LLC now owns 152,370 shares of the real estate investment trust’s stock worth $41,161,000 after purchasing an additional 19,873 shares in the last quarter. Finally, CAPROCK Group Inc. raised its position in American Tower by 26.6% in the second quarter. CAPROCK Group Inc. now owns 3,862 shares of the real estate investment trust’s stock worth $1,048,000 after purchasing an additional 812 shares in the last quarter. 89.57% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently issued reports on the stock. Raymond James increased their price target on shares of American Tower from $261.00 to $296.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 3rd. Oppenheimer cut shares of American Tower from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $305.00 to $300.00 in a research note on Friday, September 10th. Truist Securities upped their price objective on shares of American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Morgan Stanley upped their price objective on shares of American Tower from $270.00 to $316.00 and gave the stock an “equal weight” rating in a research note on Friday, September 10th. They noted that the move was a valuation call. Finally, Argus upped their price objective on shares of American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, August 12th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, American Tower presently has an average rating of “Buy” and a consensus price target of $298.29.

AMT opened at $264.18 on Thursday. American Tower Co. has a twelve month low of $197.50 and a twelve month high of $303.72. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77. The firm’s fifty day moving average is $284.03 and its two-hundred day moving average is $269.03. The firm has a market cap of $120.24 billion, a PE ratio of 53.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.24.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. Equities analysts forecast that American Tower Co. will post 9.28 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Tuesday, September 28th will be given a $1.31 dividend. The ex-dividend date of this dividend is Monday, September 27th. This represents a $5.24 dividend on an annualized basis and a yield of 1.98%. This is an increase from American Tower’s previous quarterly dividend of $1.27. American Tower’s dividend payout ratio (DPR) is 62.09%.

In other news, Director David E. Sharbutt sold 739 shares of American Tower stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $300.71, for a total value of $222,224.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert D. Hormats sold 100 shares of American Tower stock in a transaction dated Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total transaction of $28,949.00. Following the completion of the transaction, the director now directly owns 6,340 shares of the company’s stock, valued at approximately $1,835,366.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 939 shares of company stock valued at $279,485. 0.68% of the stock is owned by insiders.

American Tower Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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