Asset Dedication LLC Sells 124 Shares of American Tower Co. (NYSE:AMT)

Asset Dedication LLC reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 12.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 840 shares of the real estate investment trust’s stock after selling 124 shares during the period. Asset Dedication LLC’s holdings in American Tower were worth $195,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AMT. Prospect Financial Services LLC increased its holdings in American Tower by 6.8% in the third quarter. Prospect Financial Services LLC now owns 3,365 shares of the real estate investment trust’s stock worth $783,000 after purchasing an additional 215 shares in the last quarter. Magnus Financial Group LLC acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $226,000. Cabot Wealth Management Inc. increased its stake in shares of American Tower by 2.5% in the 3rd quarter. Cabot Wealth Management Inc. now owns 46,613 shares of the real estate investment trust’s stock valued at $10,840,000 after acquiring an additional 1,154 shares in the last quarter. Swedbank AB lifted its position in shares of American Tower by 0.8% during the 3rd quarter. Swedbank AB now owns 602,841 shares of the real estate investment trust’s stock valued at $140,197,000 after acquiring an additional 4,627 shares during the period. Finally, Occidental Asset Management LLC boosted its position in shares of American Tower by 5.9% during the 3rd quarter. Occidental Asset Management LLC now owns 13,977 shares of the real estate investment trust’s stock worth $3,250,000 after purchasing an additional 784 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Insider Buying and Selling at American Tower

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, 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 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 ninety days. 0.18% of the stock is currently owned by company insiders.

American Tower Trading Down 1.5 %

Shares of American Tower stock opened at $224.16 on Friday. The firm has a market cap of $104.68 billion, a PE ratio of 50.71, a P/E/G ratio of 1.01 and a beta of 0.83. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. 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 stock has a fifty day moving average price of $228.55 and a 200-day moving average price of $206.18.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (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 for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the business posted $2.46 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The company 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 2.89%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio is currently 146.61%.

Analysts Set New Price Targets

AMT has been the topic of a number of recent research reports. Barclays increased their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Mizuho lifted their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lifted their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, BMO Capital Markets increased their price objective on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $237.92.

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.