Granite Bay Wealth Management LLC Has $256,000 Stock Position in American Tower Co. (NYSE:AMT)

Granite Bay Wealth Management LLC lowered its position in shares of American Tower Co. (NYSE:AMT) by 30.4% in the third quarter, HoldingsChannel reports. The fund owned 1,100 shares of the real estate investment trust’s stock after selling 480 shares during the period. Granite Bay Wealth Management LLC’s holdings in American Tower were worth $256,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 1st quarter valued at approximately $25,000. Fairscale Capital LLC acquired a new stake in American Tower during the 2nd quarter valued at $27,000. Cultivar Capital Inc. acquired a new stake in American Tower during the 2nd quarter valued at $25,000. Hobbs Group Advisors LLC acquired a new stake in American Tower during the 2nd quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. acquired a new stake in American Tower during the 1st quarter valued at $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower 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 $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower 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 $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 over the last 90 days. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on AMT shares. Royal Bank of Canada raised their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price target for the company. Wells Fargo & Company raised 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. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.00.

American Tower Stock Down 1.1 %

Shares of NYSE AMT opened at $229.43 on Friday. 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 52 week low of $154.58 and a 52 week high of $243.56. The stock has a market capitalization of $107.14 billion, a P/E ratio of 51.91, a PEG ratio of 1.05 and a beta of 0.83. The stock’s fifty day moving average is $228.68 and its 200 day moving average is $204.27.

American Tower (NYSE:AMT) last issued its quarterly 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). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the business posted $2.46 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts forecast 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. Shareholders of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, October 9th. 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.