American Tower Co. (NYSE:AMT) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp cut its stake in American Tower Co. (NYSE:AMT) by 11.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,422 shares of the real estate investment trust’s stock after selling 191 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in American Tower were worth $281,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the 1st quarter worth approximately $25,000. Gold Investment Management Ltd. purchased a new stake in American Tower in the fourth quarter valued at $28,000. Thompson Investment Management Inc. acquired a new position in shares of American Tower in the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. purchased a new position in shares of American Tower during the 1st quarter worth $30,000. Finally, Private Wealth Management Group LLC acquired a new stake in shares of American Tower during the 4th quarter worth about $31,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Morgan Stanley lifted their target price on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. BMO Capital Markets decreased their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Barclays dropped their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.91.

American Tower Stock Down 0.5 %

AMT stock traded down $0.94 during mid-day trading on Friday, reaching $194.38. The company had a trading volume of 2,365,458 shares, compared to its average volume of 2,422,567. The firm has a fifty day simple moving average of $188.22 and a 200 day simple moving average of $195.14. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $90.77 billion, a price-to-earnings ratio of 43.98, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm earned $2.54 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. Analysts forecast that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Insiders Place Their Bets

In other news, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

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.