6,957 American Tower Corporation $AMT Shares Sold by Cabot Wealth Management Inc.

Cabot Wealth Management Inc. lessened its holdings in American Tower Corporation (NYSE:AMT) by 11.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 52,342 shares of the real estate investment trust’s stock after selling 6,957 shares during the quarter. Cabot Wealth Management Inc.’s holdings in American Tower were worth $8,568,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of AMT. BlackRock Inc. bought a new stake in American Tower during the second quarter valued at about $7,490,943,000. State Street Corp boosted its stake in shares of American Tower by 2.9% in the second quarter. State Street Corp now owns 22,066,202 shares of the real estate investment trust’s stock worth $3,647,491,000 after acquiring an additional 631,593 shares during the period. Lazard Asset Management LLC boosted its stake in shares of American Tower by 20.4% in the first quarter. Lazard Asset Management LLC now owns 7,325,943 shares of the real estate investment trust’s stock worth $1,264,311,000 after acquiring an additional 1,240,780 shares during the period. Deutsche Bank AG purchased a new stake in shares of American Tower during the second quarter worth about $1,096,186,000. Finally, Legal & General Group Plc grew its position in shares of American Tower by 0.6% during the second quarter. Legal & General Group Plc now owns 4,853,850 shares of the real estate investment trust’s stock worth $793,944,000 after purchasing an additional 27,929 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In other American Tower news, EVP Ruth Dowling sold 952 shares of American Tower stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $185.81, for a total value of $176,891.12. Following the sale, the executive vice president owned 26,133 shares of the company’s stock, valued at $4,855,772.73. The trade was a 3.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rajesh Kalathur acquired 2,829 shares of American Tower stock in a transaction on Friday, August 21st. The stock was purchased at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director owned 7,765 shares in the company, valued at approximately $1,374,405. The trade was a 57.31% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Citigroup decreased their target price on American Tower from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Argus restated a “buy” rating and issued a $210.00 price target on shares of American Tower in a research note on Thursday, November 5th. Royal Bank Of Canada restated an “outperform” rating and issued a $205.00 price target on shares of American Tower in a research note on Wednesday, October 28th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of American Tower in a report on Tuesday, October 27th. Finally, Barclays lifted their price objective on shares of American Tower from $198.00 to $199.00 and gave the company an “overweight” rating in a research report on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $216.11.

American Tower Stock Down 0.0%

AMT opened at $190.29 on Thursday. The company has a market capitalization of $88.25 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 3.43 and a beta of 0.85. The firm has a 50-day simple moving average of $178.09 and a two-hundred day simple moving average of $177.83. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.30. American Tower Corporation has a 52 week low of $160.06 and a 52 week high of $202.50.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.64. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.76 billion. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.78 earnings per share. Analysts forecast that American Tower Corporation will post 10.80 earnings per share for the current fiscal year.

American Tower declared that its board has authorized a share repurchase plan on Tuesday, October 27th that allows the company to repurchase $2 billion in shares. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Share repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 20th. Shareholders of record on Wednesday, September 30th were issued a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a yield of 3.8%. The ex-dividend date was Wednesday, September 30th. American Tower’s dividend payout ratio (DPR) is currently 100.99%.

American Tower Profile

American Tower Corporation is a real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast communications sites, such as towers and rooftop installations, where mobile network operators and other customers place antennas and related equipment. The company also provides services related to site acquisition, development, construction and maintenance. Through its CoreSite business, American Tower operates data centers and provides colocation and interconnection services.