Cetera Advisor Networks LLC Has $7.86 Million Stock Position in American Tower Co. (NYSE:AMT)

Cetera Advisor Networks LLC lowered its stake in shares of American Tower Co. (NYSE:AMTFree Report) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,424 shares of the real estate investment trust’s stock after selling 1,317 shares during the quarter. Cetera Advisor Networks LLC’s holdings in American Tower were worth $7,863,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Norges Bank bought a new position in American Tower during the fourth quarter worth $1,051,898,000. Edgewood Management LLC increased its holdings in American Tower by 46.2% in the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after buying an additional 1,576,683 shares during the period. Jennison Associates LLC increased its holdings in American Tower by 41.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after buying an additional 1,541,029 shares during the period. International Assets Investment Management LLC increased its holdings in American Tower by 16,195.9% in the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock valued at $1,833,560,000 after buying an additional 844,128 shares during the period. Finally, Wellington Management Group LLP increased its holdings in American Tower by 5.6% in the 3rd quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock valued at $2,135,227,000 after buying an additional 691,934 shares during the period. Institutional investors own 92.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. BMO Capital Markets lowered their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Morgan Stanley boosted their price target on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Scotiabank reduced their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Finally, StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $220.91.

Get Our Latest Report on American Tower

Insider Activity

In other news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by company insiders.

American Tower Stock Down 2.6 %

Shares of NYSE AMT opened at $194.32 on Friday. The firm’s 50-day simple moving average is $184.81 and its 200 day simple moving average is $196.27. The company has a market cap of $90.74 billion, a price-to-earnings ratio of 43.96, a price-to-earnings-growth ratio of 1.43 and a beta of 0.79. 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 12-month low of $154.58 and a 12-month high of $219.10.

American Tower (NYSE:AMTGet Free Report) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, research analysts expect that American Tower Co. will post 9.98 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders 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 dividend on an annualized basis and a yield of 3.33%. American Tower’s payout ratio is presently 146.61%.

American Tower Company Profile

(Free Report)

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.

Further Reading

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

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