Wendell David Associates Inc. Sells 81 Shares of American Tower Co. (NYSE:AMT)

Wendell David Associates Inc. cut its holdings in shares of American Tower Co. (NYSE:AMT) by 0.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,003 shares of the real estate investment trust’s stock after selling 81 shares during the period. Wendell David Associates Inc.’s holdings in American Tower were worth $7,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NBT Bank N A NY boosted its stake in shares of American Tower by 39.9% in the 1st quarter. NBT Bank N A NY now owns 2,050 shares of the real estate investment trust’s stock worth $446,000 after buying an additional 585 shares during the last quarter. Chicago Capital LLC lifted its holdings in American Tower by 45.4% during the first quarter. Chicago Capital LLC now owns 4,963 shares of the real estate investment trust’s stock worth $1,080,000 after acquiring an additional 1,549 shares during the period. Inscription Capital LLC purchased a new position in American Tower in the first quarter worth $1,512,000. Fortitude Advisory Group L.L.C. grew its stake in American Tower by 2.9% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 1,907 shares of the real estate investment trust’s stock valued at $416,000 after purchasing an additional 54 shares during the period. Finally, Grove Bank & Trust increased its position in shares of American Tower by 49.5% during the 1st quarter. Grove Bank & Trust now owns 2,147 shares of the real estate investment trust’s stock valued at $467,000 after purchasing an additional 711 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AMT shares. Raymond James lifted their price target on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a report on Wednesday, April 30th. Citigroup upped their price target on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Scotiabank lifted their price objective on American Tower from $234.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 30th. Morgan Stanley initiated coverage on American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, American Tower currently has a consensus rating of “Buy” and a consensus target price of $240.25.

American Tower Stock Performance

Shares of AMT stock opened at $215.00 on Tuesday. The company’s 50 day moving average is $215.13 and its 200 day moving average is $203.08. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market cap of $100.65 billion, a price-to-earnings ratio of 90.72, a PEG ratio of 1.29 and a beta of 0.81. American Tower Co. has a 52-week low of $172.51 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the firm earned $2.79 EPS. The business’s quarterly revenue was down 9.6% on a year-over-year basis. On average, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.16%. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

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.