Avidian Wealth Solutions LLC Purchases 135 Shares of American Tower Co. (REIT) (NYSE:AMT)

Avidian Wealth Solutions LLC lifted its position in American Tower Co. (REIT) (NYSE:AMT) by 10.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,428 shares of the real estate investment trust’s stock after buying an additional 135 shares during the period. Avidian Wealth Solutions LLC’s holdings in American Tower were worth $379,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AMT. Banque Pictet & Cie SA grew its stake in American Tower by 8.2% in the third quarter. Banque Pictet & Cie SA now owns 822 shares of the real estate investment trust’s stock valued at $218,000 after purchasing an additional 62 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in American Tower by 3.7% in the third quarter. Gulf International Bank UK Ltd now owns 100,114 shares of the real estate investment trust’s stock valued at $26,571,000 after purchasing an additional 3,580 shares during the last quarter. Teacher Retirement System of Texas grew its stake in American Tower by 7.1% in the third quarter. Teacher Retirement System of Texas now owns 127,301 shares of the real estate investment trust’s stock valued at $33,787,000 after purchasing an additional 8,408 shares during the last quarter. Sawtooth Solutions LLC grew its stake in American Tower by 11.6% in the third quarter. Sawtooth Solutions LLC now owns 2,882 shares of the real estate investment trust’s stock valued at $765,000 after purchasing an additional 299 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in American Tower by 9.8% in the third quarter. Lord Abbett & CO. LLC now owns 211,000 shares of the real estate investment trust’s stock valued at $56,002,000 after purchasing an additional 18,900 shares during the last quarter. Hedge funds and other institutional investors own 89.37% of the company’s stock.

Shares of NYSE:AMT opened at $255.44 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32. The company has a market capitalization of $116.33 billion, a PE ratio of 46.44, a PEG ratio of 1.94 and a beta of 0.37. The business has a 50 day moving average of $271.67 and a two-hundred day moving average of $278.31. American Tower Co. has a 12-month low of $197.50 and a 12-month high of $303.72.

American Tower (NYSE:AMT) last announced its earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.69). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.41 billion. American Tower had a return on equity of 39.34% and a net margin of 27.44%. The company’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.23 earnings per share. Equities research analysts predict that American Tower Co. will post 9.18 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 14th. Stockholders of record on Monday, December 27th will be paid a dividend of $1.39 per share. This represents a $5.56 annualized dividend and a dividend yield of 2.18%. This is an increase from American Tower’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, December 23rd. American Tower’s dividend payout ratio is presently 101.09%.

AMT has been the topic of several analyst reports. Credit Suisse Group lifted their target price on American Tower from $324.00 to $328.00 and gave the company an “outperform” rating in a research note on Friday, October 29th. Raymond James dropped their price target on American Tower from $296.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, November 1st. Morgan Stanley dropped their price target on American Tower from $316.00 to $294.00 and set an “equal weight” rating on the stock in a research note on Wednesday, December 1st. The Goldman Sachs Group lowered American Tower from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $298.00 to $281.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. lowered American Tower from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $285.00 to $271.00 in a research note on Wednesday, January 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $293.63.

In related news, Director Pamela D. A. Reeve sold 3,590 shares of the stock in a transaction on Thursday, December 9th. The stock was sold at an average price of $273.02, for a total value of $980,141.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joann A. Reed sold 866 shares of the stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $260.50, for a total value of $225,593.00. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

American Tower Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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