Concurrent Investment Advisors LLC Reduces Stock Holdings in American Tower Co. (NYSE:AMT)

Concurrent Investment Advisors LLC reduced its stake in shares of American Tower Co. (NYSE:AMT) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,345 shares of the real estate investment trust’s stock after selling 147 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in American Tower were worth $661,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Northwest Investment Counselors LLC purchased a new stake in American Tower during the 1st quarter worth approximately $25,000. Gold Investment Management Ltd. purchased a new stake in American Tower during the 4th quarter worth approximately $28,000. Thompson Investment Management Inc. purchased a new stake in American Tower during the 4th quarter worth approximately $29,000. SOA Wealth Advisors LLC. purchased a new stake in American Tower during the 1st quarter worth approximately $30,000. Finally, Private Wealth Management Group LLC acquired a new position in shares of American Tower in the 4th quarter worth approximately $31,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

AMT stock traded down $1.77 during trading on Monday, reaching $208.84. 1,540,630 shares of the company’s stock were exchanged, compared to its average volume of 2,364,947. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The company’s fifty day moving average price is $192.80 and its 200-day moving average price is $193.85. The firm has a market cap of $97.52 billion, a PE ratio of 47.24, a P/E/G ratio of 1.50 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the firm posted $2.54 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts expect that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AMT shares. Scotiabank decreased their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Morgan Stanley lifted their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Barclays decreased their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Finally, Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.92.

American Tower 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 over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.