Wallace Advisory Group LLC Lowers Stock Position in American Tower Co. (NYSE:AMT)

Wallace Advisory Group LLC trimmed its stake in American Tower Co. (NYSE:AMT) by 2.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,758 shares of the real estate investment trust’s stock after selling 73 shares during the period. Wallace Advisory Group LLC’s holdings in American Tower were worth $641,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. NBT Bank N A NY boosted its stake in shares of American Tower by 3.3% in the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after buying an additional 54 shares in the last quarter. O Brien Greene & Co. Inc boosted its position in shares of American Tower by 2.3% during the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 55 shares in the last quarter. CFO4Life Group LLC grew its stake in shares of American Tower by 5.4% during the 1st quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 57 shares during the period. Tyche Wealth Partners LLC increased its holdings in shares of American Tower by 4.9% in the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 58 shares in the last quarter. Finally, Adirondack Trust Co. lifted its stake in shares of American Tower by 2.1% in the first quarter. Adirondack Trust Co. now owns 2,813 shares of the real estate investment trust’s stock valued at $556,000 after purchasing an additional 59 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AMT. 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 report on Friday, September 13th. Royal Bank of Canada raised their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. 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 research report on Wednesday, July 31st. Finally, Scotiabank upped their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $234.00.

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the 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 of the company’s stock, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Olivier Puech sold 10,005 shares of the company’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 completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s 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 sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

American Tower Trading Down 2.5 %

AMT traded down $5.62 during midday trading on Friday, hitting $223.66. The company’s stock had a trading volume of 1,942,688 shares, compared to its average volume of 2,231,376. The firm has a market cap of $104.47 billion, a P/E ratio of 50.60, a PEG ratio of 1.06 and a beta of 0.83. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $243.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The firm has a 50-day moving average price of $228.88 and a two-hundred day moving average price of $204.46.

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 the consensus estimate of $2.44 by ($0.52). The company 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 business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period last year, the company posted $2.46 EPS. On average, research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders 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 2.90%. American Tower’s dividend payout ratio (DPR) is 146.61%.

About American Tower

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.