American Tower Co. (NYSE:AMT) Position Lessened by First Long Island Investors LLC

First Long Island Investors LLC decreased its stake in American Tower Co. (NYSE:AMT) by 33.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,553 shares of the real estate investment trust’s stock after selling 38,283 shares during the period. First Long Island Investors LLC’s holdings in American Tower were worth $14,731,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AMT. Northwest Investment Counselors LLC bought a new stake in American Tower during the 1st quarter valued at $25,000. Gold Investment Management Ltd. bought a new stake in shares of American Tower in the 4th quarter worth $28,000. Thompson Investment Management Inc. bought a new stake in shares of American Tower in the 4th quarter worth $29,000. Private Wealth Management Group LLC bought a new stake in shares of American Tower in the 4th quarter worth $31,000. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of American Tower in the 1st quarter worth $30,000. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Mizuho assumed coverage on American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. Barclays decreased their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. BMO Capital Markets decreased their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Scotiabank decreased their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Finally, 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 report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $221.67.

American Tower Stock Up 5.3 %

Shares of NYSE:AMT traded up $10.46 on Thursday, reaching $207.23. The company had a trading volume of 2,256,029 shares, compared to its average volume of 2,372,148. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The stock has a 50-day moving average price of $192.22 and a 200 day moving average price of $194.20. The stock has a market capitalization of $96.77 billion, a P/E ratio of 46.88, a P/E/G ratio of 1.40 and a beta of 0.81. 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 (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the firm posted $2.54 EPS. American Tower’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts expect that American Tower Co. will post 10.03 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.13%. American Tower’s dividend payout ratio is presently 146.61%.

American Tower Company 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.