Veritable L.P. Sells 565 Shares of American Tower Co. (NYSE:AMT)

Veritable L.P. lessened its holdings in American Tower Co. (NYSE:AMT) by 3.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 17,349 shares of the real estate investment trust’s stock after selling 565 shares during the quarter. Veritable L.P.’s holdings in American Tower were worth $3,365,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMT. Cantillon Capital Management LLC increased its holdings in shares of American Tower by 6.4% in the 2nd quarter. Cantillon Capital Management LLC now owns 1,874,444 shares of the real estate investment trust’s stock valued at $363,530,000 after acquiring an additional 111,955 shares during the period. Equitable Trust Co. boosted its position in American Tower by 3.7% during the second quarter. Equitable Trust Co. now owns 3,440 shares of the real estate investment trust’s stock valued at $667,000 after purchasing an additional 123 shares in the last quarter. Spotlight Asset Group Inc. bought a new position in American Tower in the second quarter worth about $114,000. Canada Pension Plan Investment Board raised its holdings in American Tower by 6.2% in the second quarter. Canada Pension Plan Investment Board now owns 1,655,236 shares of the real estate investment trust’s stock worth $321,016,000 after purchasing an additional 97,300 shares in the last quarter. Finally, Lokken Investment Group LLC boosted its holdings in shares of American Tower by 20.0% in the 2nd quarter. Lokken Investment Group LLC now owns 3,623 shares of the real estate investment trust’s stock valued at $703,000 after buying an additional 603 shares in the last quarter. 89.29% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of NYSE AMT opened at $194.20 on Wednesday. The stock has a market cap of $90.53 billion, a price-to-earnings ratio of 126.93, a PEG ratio of 1.57 and a beta of 0.63. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $235.57. The company has a 50 day simple moving average of $171.81 and a two-hundred day simple moving average of $182.62. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 3.15.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Wednesday, October 11th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.34%. This is a positive change from American Tower’s previous quarterly dividend of $1.57. The ex-dividend date of this dividend was Tuesday, October 10th. American Tower’s dividend payout ratio is presently 423.53%.

Insiders Place Their Bets

In other news, CFO Rodney M. Smith sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $178.14, for a total value of $1,781,400.00. Following the completion of the transaction, the chief financial officer now owns 50,662 shares of the company’s stock, valued at approximately $9,024,928.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 10,300 shares of company stock valued at $1,830,903. Company insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on AMT shares. Royal Bank of Canada reduced their price objective on shares of American Tower from $233.00 to $230.00 and set an “outperform” rating for the company in a research note on Tuesday, August 1st. Morgan Stanley decreased their price objective on American Tower from $212.00 to $169.00 and set an “equal weight” rating for the company in a report on Monday, October 16th. Wells Fargo & Company dropped their target price on American Tower from $215.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 17th. Barclays decreased their price target on American Tower from $233.00 to $228.00 and set an “overweight” rating for the company in a research note on Monday, August 7th. Finally, Raymond James cut their price objective on shares of American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $228.60.

American Tower Company 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 nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.