American Tower Corporation $AMT Shares Sold by CGN Advisors LLC

CGN Advisors LLC lessened its holdings in American Tower Corporation (NYSE:AMT) by 22.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,793 shares of the real estate investment trust’s stock after selling 4,293 shares during the quarter. CGN Advisors LLC’s holdings in American Tower were worth $2,420,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Oakworth Capital Inc. lifted its position in American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 68 shares during the period. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower during the 4th quarter valued at about $25,000. Swiss RE Ltd. acquired a new position in shares of American Tower in the 4th quarter valued at about $25,000. Triumph Capital Management purchased a new stake in shares of American Tower in the third quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in American Tower during the fourth quarter worth about $29,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 1.3%

Shares of NYSE AMT opened at $175.28 on Wednesday. The firm has a market cap of $81.66 billion, a price-to-earnings ratio of 24.11, a price-to-earnings-growth ratio of 2.77 and a beta of 0.90. The company’s 50-day simple moving average is $175.46 and its 200-day simple moving average is $178.42. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 3.12. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $214.79.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were given a dividend of $1.79 per share. The ex-dividend date 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 presently 98.49%.

Analysts Set New Price Targets

Several equities research analysts have commented on AMT shares. Jefferies Financial Group lowered their price objective on American Tower from $210.00 to $201.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. BMO Capital Markets boosted their target price on shares of American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research note on Wednesday, July 29th. Weiss Ratings raised shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. cut their price objective on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Finally, Wolfe Research upgraded shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective for the company in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $215.19.

Insider Activity

In other American Tower news, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction dated 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 owned 21,428 shares in the company, valued at approximately $3,833,254.92. This represents a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ruth T. Dowling sold 1,106 shares of the firm’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 transaction of $193,505.76. Following the completion of the transaction, the executive vice president directly owned 27,711 shares in the company, valued at $4,848,316.56. This trade represents a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 6,791 shares of company stock valued at $1,204,091. 0.08% of the stock is owned by corporate insiders.

About American Tower

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.