American Tower Co. (NYSE:AMT) Shares Sold by Sequoia Financial Advisors LLC

22 Oct 2024, 17:56 by Mitch Edgeman · The Markets Daily

Sequoia Financial Advisors LLC lowered its stake in shares of American Tower Co. (NYSE:AMT – Free Report) by 0.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,336 shares of the real estate investment trust’s stock after selling 61 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in American Tower were worth $51,707,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oakworth Capital Inc. boosted its holdings in shares of American Tower by 85.7% in the third quarter. Oakworth Capital Inc. now owns 390 shares of the real estate investment trust’s stock valued at $91,000 after acquiring an additional 180 shares in the last quarter. Ledyard National Bank boosted its holdings in American Tower by 1.1% in the 3rd quarter. Ledyard National Bank now owns 5,662 shares of the real estate investment trust’s stock valued at $1,317,000 after purchasing an additional 62 shares in the last quarter. Townsend Asset Management Corp NC ADV raised its stake in shares of American Tower by 5.7% during the 3rd quarter. Townsend Asset Management Corp NC ADV now owns 13,160 shares of the real estate investment trust’s stock worth $3,060,000 after buying an additional 712 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of American Tower by 3.4% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 9,717 shares of the real estate investment trust’s stock valued at $2,260,000 after buying an additional 319 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of American Tower in the third quarter valued at approximately $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AMT shares. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective for the company. TD Cowen upped their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Mizuho lifted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $237.92.

Get Our Latest Report on AMT

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the firm’s 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 transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, 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 completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. 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 valued at $7,795,397 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

American Tower Trading Down 0.2 %

Shares of NYSE AMT traded down $0.43 on Tuesday, reaching $221.04. 731,398 shares of the company traded hands, compared to its average volume of 2,267,925. American Tower Co. has a fifty-two week low of $157.25 and a fifty-two week high of $243.56. The company has a 50 day moving average of $228.54 and a 200 day moving average of $206.83. The stock has a market capitalization of $103.22 billion, a PE ratio of 50.11, a P/E/G ratio of 1.03 and a beta of 0.83. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT – Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (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 analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.46 earnings per share. On average, equities research analysts forecast that American Tower Co. will post 10.12 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, October 25th. Investors 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 annualized dividend and a yield of 2.93%. American Tower’s payout ratio is 146.61%.

American Tower Company Profile

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