Middleton & Co. Inc. MA Sells 739 Shares of American Tower Corporation (NYSE:AMT)

Middleton & Co. Inc. MA trimmed its holdings in shares of American Tower Corporation (NYSE:AMT) by 1.3% in the first quarter, Holdings Channel.com reports. The fund owned 57,672 shares of the real estate investment trust’s stock after selling 739 shares during the quarter. American Tower accounts for approximately 1.5% of Middleton & Co. Inc. MA’s portfolio, making the stock its 25th largest position. Middleton & Co. Inc. MA’s holdings in American Tower were worth $12,549,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Elmwood Wealth Management Inc. boosted its holdings in American Tower by 2.5% during the first quarter. Elmwood Wealth Management Inc. now owns 2,087 shares of the real estate investment trust’s stock valued at $454,000 after purchasing an additional 50 shares in the last quarter. 4J Wealth Management LLC boosted its stake in American Tower by 4.0% in the 1st quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after buying an additional 50 shares in the last quarter. TCTC Holdings LLC grew its position in American Tower by 15.8% in the first quarter. TCTC Holdings LLC now owns 374 shares of the real estate investment trust’s stock valued at $81,000 after acquiring an additional 51 shares during the period. Coyle Financial Counsel LLC raised its stake in American Tower by 2.4% during the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust’s stock worth $487,000 after acquiring an additional 53 shares in the last quarter. Finally, CreativeOne Wealth LLC boosted its stake in shares of American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after purchasing an additional 54 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Juan Font sold 720 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer directly owned 23,425 shares of the company’s stock, valued at approximately $4,880,130.25. The trade was a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent analyst reports. Bank of America initiated coverage on shares of American Tower in a research report on Monday, May 19th. They set a “buy” rating and a $255.00 target price for the company. BMO Capital Markets cut their target price on shares of American Tower from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, July 30th. UBS Group increased their price target on American Tower from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group reiterated a “buy” rating on shares of American Tower in a research report on Tuesday, July 29th. Finally, Raymond James Financial set a $250.00 target price on American Tower and gave the stock a “strong-buy” rating in a report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $243.88.

American Tower Price Performance

AMT opened at $212.69 on Tuesday. The company has a fifty day simple moving average of $218.75 and a 200 day simple moving average of $210.83. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a market cap of $99.57 billion, a P/E ratio of 77.34, a P/E/G ratio of 1.17 and a beta of 0.82. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the company earned $2.79 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. On average, research analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. American Tower’s dividend payout ratio is currently 247.27%.

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.