Adell Harriman & Carpenter Inc. Reduces Position in American Tower Co. (NYSE:AMT)

Adell Harriman & Carpenter Inc. reduced its stake in shares of American Tower Co. (NYSE:AMT) by 4.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,389 shares of the real estate investment trust’s stock after selling 1,920 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in American Tower were worth $9,393,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Fortitude Family Office LLC grew its holdings in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC acquired a new stake in shares of American Tower during the second quarter valued at about $27,000. Northwest Investment Counselors LLC acquired a new position in shares of American Tower in the 3rd quarter worth approximately $30,000. Cultivar Capital Inc. acquired a new stake in American Tower in the 2nd quarter valued at approximately $25,000. Finally, Hobbs Group Advisors LLC acquired a new position in American Tower during the second quarter worth $29,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Scotiabank raised their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. TD Cowen upped 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. Mizuho upped their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, Barclays lifted their price objective on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $237.92.

American Tower Stock Down 4.2 %

American Tower stock opened at $212.91 on Wednesday. The company has a market capitalization of $99.45 billion, a P/E ratio of 40.02, a PEG ratio of 1.09 and a beta of 0.83. American Tower Co. has a fifty-two week low of $169.70 and a fifty-two week high of $243.56. The stock has a 50-day simple moving average of $228.70 and a 200-day simple moving average of $208.39. 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 (NYSE:AMT) last announced its 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). The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.46 earnings per share. Equities research analysts expect that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.04%. American Tower’s payout ratio is currently 121.80%.

Insider Buying and Selling

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on 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 directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. 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 in the last quarter. Company insiders own 0.18% of the company’s stock.

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.