American Tower Co. (NYSE:AMT) Shares Sold by Sand Hill Global Advisors LLC

Sand Hill Global Advisors LLC lessened its stake in American Tower Co. (NYSE:AMT) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,153 shares of the real estate investment trust’s stock after selling 503 shares during the quarter. Sand Hill Global Advisors LLC’s holdings in American Tower were worth $3,271,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Main Street Financial Solutions LLC raised its holdings in American Tower by 5.3% in the third quarter. Main Street Financial Solutions LLC now owns 4,207 shares of the real estate investment trust’s stock valued at $692,000 after buying an additional 212 shares during the period. SageView Advisory Group LLC increased its position in shares of American Tower by 87.3% during the third quarter. SageView Advisory Group LLC now owns 8,989 shares of the real estate investment trust’s stock worth $1,478,000 after acquiring an additional 4,189 shares during the last quarter. SteelPeak Wealth LLC acquired a new position in shares of American Tower in the 3rd quarter valued at approximately $344,000. OVERSEA CHINESE BANKING Corp Ltd bought a new position in American Tower during the 3rd quarter valued at $508,000. Finally, Corient Private Wealth LLC grew its stake in American Tower by 4.9% in the third quarter. Corient Private Wealth LLC now owns 335,537 shares of the real estate investment trust’s stock worth $55,201,000 after purchasing an additional 15,531 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,264 shares of company stock valued at $3,458,757. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMT. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Barclays lifted their target price on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Morgan Stanley increased their target price on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $221.91.

American Tower Stock Down 1.5 %

Shares of AMT traded down $2.86 during midday trading on Wednesday, reaching $191.27. 1,681,078 shares of the stock were exchanged, compared to its average volume of 2,438,143. The company has a market cap of $89.32 billion, a price-to-earnings ratio of 43.54, a P/E/G ratio of 1.62 and a beta of 0.71. The firm has a 50 day simple moving average of $185.99 and a 200-day simple moving average of $196.19. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.54 EPS. Research analysts forecast that American Tower Co. will post 9.96 EPS for the current year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio 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.