Savoie Capital LLC Reduces Position in American Tower Co. (NYSE:AMT)

Savoie Capital LLC trimmed its holdings in American Tower Co. (NYSE:AMT) by 79.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC bought a new position in American Tower in the 1st quarter valued at $25,000. Fairscale Capital LLC bought a new position in shares of American Tower in the second quarter worth about $27,000. Gold Investment Management Ltd. purchased a new position in American Tower in the 4th quarter worth about $28,000. Cultivar Capital Inc. bought a new stake in American Tower during the 2nd quarter valued at about $25,000. Finally, Hobbs Group Advisors LLC purchased a new stake in American Tower in the 2nd quarter valued at about $29,000. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 0.5 %

American Tower stock opened at $236.24 on Tuesday. American Tower Co. has a one year low of $154.58 and a one year high of $243.56. The stock has a market cap of $110.32 billion, a PE 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 quick ratio of 0.81 and a current ratio of 0.81. The stock has a 50-day moving average of $225.12 and a two-hundred day moving average of $202.62.

American Tower (NYSE:AMT) last released 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). The company 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 firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.46 EPS. On average, research analysts anticipate that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.74%. American Tower’s dividend payout ratio is currently 146.61%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMT. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Barclays cut their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two 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 stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

Insider Buying and Selling at American Tower

In related news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, 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 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by insiders.

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.