Novare Capital Management LLC Has $8.80 Million Position in American Tower Co. (NYSE:AMT)

Novare Capital Management LLC reduced its stake in shares of American Tower Co. (NYSE:AMT) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,849 shares of the real estate investment trust’s stock after selling 569 shares during the quarter. Novare Capital Management LLC’s holdings in American Tower were worth $8,802,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in shares of American Tower by 36.2% in the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after buying an additional 2,336,501 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after buying an additional 1,885,421 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of American Tower by 1.6% in the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after buying an additional 965,938 shares in the last quarter. M&G Plc acquired a new stake in shares of American Tower in the first quarter valued at $164,300,000. Finally, Swedbank AB acquired a new stake in shares of American Tower in the first quarter valued at $123,861,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on AMT shares. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $245.00 to $230.00 in a research report on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Scotiabank lifted their price objective on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.21.

American Tower Trading Up 0.7 %

AMT traded up $1.43 during midday trading on Monday, reaching $220.70. 317,161 shares of the company were exchanged, compared to its average volume of 2,283,601. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a one year low of $157.25 and a one year high of $243.56. The stock has a market capitalization of $103.06 billion, a P/E ratio of 49.61, a PEG ratio of 1.00 and a beta of 0.83. The stock’s 50-day simple moving average is $228.56 and its 200 day simple moving average is $205.51.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter last year, the business posted $2.46 EPS. American Tower’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, analysts forecast that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

About American Tower

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.