Prio Wealth Limited Partnership Trims Holdings in American Tower Co. (NYSE:AMT)

Prio Wealth Limited Partnership reduced its stake in American Tower Co. (NYSE:AMT) by 19.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,263 shares of the real estate investment trust’s stock after selling 296 shares during the quarter. Prio Wealth Limited Partnership’s holdings in American Tower were worth $246,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the first quarter worth $25,000. Cultivar Capital Inc. acquired a new position in American Tower in the 2nd quarter valued at about $25,000. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter worth about $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the second quarter worth about $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of American Tower in the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity

In related news, CEO Steven O. Vondran sold 21,537 shares of the 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 sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. 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. 0.18% of the stock is currently owned by company insiders.

American Tower Price Performance

Shares of NYSE:AMT opened at $231.94 on Thursday. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $243.56. The firm has a market capitalization of $108.31 billion, a P/E ratio of 52.48, a P/E/G ratio of 1.05 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. The company’s fifty day moving average price is $228.29 and its 200 day moving average price is $204.09.

American Tower (NYSE:AMT) last posted its 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 analyst estimates 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 quarter last year, the firm posted $2.46 EPS. As a group, sell-side analysts predict that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders 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 dividend yield of 2.79%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada raised their price target 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 upped their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. BMO Capital Markets upped their target price on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

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.