Glenmede Trust Co. NA cut its stake in American Tower Corporation (NYSE:AMT – Free Report) by 62.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,182 shares of the real estate investment trust’s stock after selling 72,114 shares during the period. Glenmede Trust Co. NA’s holdings in American Tower were worth $7,625,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the stock. Brighton Jones LLC grew its stake in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after buying an additional 2,104 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in American Tower by 34.3% in the second quarter. Sivia Capital Partners LLC now owns 1,442 shares of the real estate investment trust’s stock valued at $319,000 after buying an additional 368 shares during the last quarter. United Bank boosted its holdings in shares of American Tower by 12.7% in the second quarter. United Bank now owns 6,488 shares of the real estate investment trust’s stock valued at $1,434,000 after acquiring an additional 733 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of American Tower by 2.2% in the second quarter. Treasurer of the State of North Carolina now owns 218,511 shares of the real estate investment trust’s stock valued at $48,295,000 after acquiring an additional 4,778 shares during the period. Finally, Ieq Capital LLC grew its position in shares of American Tower by 52.2% during the second quarter. Ieq Capital LLC now owns 34,248 shares of the real estate investment trust’s stock worth $7,570,000 after acquiring an additional 11,751 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on AMT. The Goldman Sachs Group set a $210.00 target price on shares of American Tower in a report on Tuesday, July 28th. Royal Bank Of Canada raised shares of American Tower from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $195.00 to $205.00 in a research report on Friday, June 26th. Mizuho upgraded shares of American Tower from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $189.00 to $205.00 in a research note on Wednesday, April 15th. Barclays reduced their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. Finally, JPMorgan Chase & Co. decreased their target price on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.19.
Insider Buying and Selling
In related news, EVP Ruth T. Dowling sold 1,106 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total value of $193,505.76. Following the sale, the executive vice president owned 27,711 shares in the company, valued at $4,848,316.56. This represents a 3.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total value of $894,450.00. Following the completion of the sale, the chief financial officer directly owned 21,428 shares in the company, valued at $3,833,254.92. This trade represents a 18.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,791 shares of company stock worth $1,204,091. Insiders own 0.08% of the company’s stock.
American Tower Stock Down 0.2%
AMT opened at $173.07 on Tuesday. American Tower Corporation has a 12 month low of $160.06 and a 12 month high of $214.79. The company has a debt-to-equity ratio of 3.12, a current ratio of 0.52 and a quick ratio of 0.52. The business has a 50 day simple moving average of $175.66 and a 200-day simple moving average of $178.44. The stock has a market capitalization of $80.63 billion, a P/E ratio of 23.81, a P/E/G ratio of 2.78 and a beta of 0.90.
American Tower Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a dividend of $1.79 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 dividend on an annualized basis and a yield of 4.1%. American Tower’s payout ratio is currently 98.49%.
American Tower Profile
American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
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