Boltwood Capital Management Cuts Stock Position in American Tower Co. (REIT) (NYSE:AMT)

Boltwood Capital Management reduced its position in American Tower Co. (REIT) (NYSE:AMT) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,699 shares of the real estate investment trust’s stock after selling 47 shares during the quarter. Boltwood Capital Management’s holdings in American Tower were worth $982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AMT. Principal Financial Group Inc. boosted its holdings in American Tower by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,877,499 shares of the real estate investment trust’s stock valued at $1,166,015,000 after acquiring an additional 130,838 shares during the period. Hoylecohen LLC boosted its holdings in American Tower by 1.2% during the 1st quarter. Hoylecohen LLC now owns 27,569 shares of the real estate investment trust’s stock valued at $6,591,000 after acquiring an additional 326 shares during the period. Ameritas Investment Company LLC purchased a new stake in American Tower during the 1st quarter valued at about $154,000. IHT Wealth Management LLC boosted its holdings in American Tower by 5.6% during the 1st quarter. IHT Wealth Management LLC now owns 3,168 shares of the real estate investment trust’s stock valued at $757,000 after acquiring an additional 167 shares during the period. Finally, Perigon Wealth Management LLC boosted its holdings in American Tower by 11.8% during the 1st quarter. Perigon Wealth Management LLC now owns 1,391 shares of the real estate investment trust’s stock valued at $333,000 after acquiring an additional 147 shares during the period. Hedge funds and other institutional investors own 89.57% of the company’s stock.

Shares of AMT opened at $257.53 on Thursday. The business’s fifty day simple moving average is $278.27 and its two-hundred day simple moving average is $274.27. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 3.32. American Tower Co. has a 12 month low of $197.50 and a 12 month high of $303.72. The company has a market cap of $117.28 billion, a price-to-earnings ratio of 46.82, a P/E/G ratio of 2.17 and a beta of 0.30.

American Tower (NYSE:AMT) last released its quarterly earnings results on Wednesday, October 27th. The real estate investment trust reported $1.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.27 by ($0.69). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.41 billion. American Tower had a return on equity of 39.34% and a net margin of 27.44%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the business earned $2.23 earnings per share. As a group, research analysts forecast that American Tower Co. will post 9.18 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Tuesday, September 28th were paid a $1.31 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Monday, September 27th. American Tower’s dividend payout ratio (DPR) is 95.27%.

A number of research firms have commented on AMT. Morgan Stanley upped their price target on American Tower from $270.00 to $316.00 and gave the company an “equal weight” rating in a research report on Friday, September 10th. They noted that the move was a valuation call. KeyCorp upped their price target on American Tower from $302.00 to $311.00 and gave the company an “overweight” rating in a research report on Friday, October 29th. Raymond James lowered their price target on American Tower from $296.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, November 1st. Truist Securities increased their target price on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Oppenheimer lowered American Tower from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $305.00 to $300.00 in a research report on Friday, September 10th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $299.14.

In related news, Director David E. Sharbutt sold 739 shares of American Tower stock in a transaction on Friday, September 3rd. The stock was sold at an average price of $300.71, for a total transaction of $222,224.69. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert D. Hormats sold 100 shares of American Tower stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $289.49, for a total value of $28,949.00. Following the transaction, the director now owns 6,340 shares in the company, valued at $1,835,366.60. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by insiders.

American Tower Company 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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