Trillium Asset Management LLC Sells 85,558 Shares of American Tower Corporation (NYSE:AMT)

Trillium Asset Management LLC cut its holdings in American Tower Corporation (NYSE:AMT) by 47.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,609 shares of the real estate investment trust’s stock after selling 85,558 shares during the period. Trillium Asset Management LLC’s holdings in American Tower were worth $20,805,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in AMT. Elmwood Wealth Management Inc. increased its position in shares of American Tower by 2.5% in 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 acquiring an additional 50 shares during the period. 4J Wealth Management LLC increased its position in shares of American Tower by 4.0% in the first quarter. 4J Wealth Management LLC now owns 1,301 shares of the real estate investment trust’s stock valued at $283,000 after acquiring an additional 50 shares during the period. TCTC Holdings LLC increased its position in shares of 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 increased its position in shares of American Tower by 2.4% in the first quarter. Coyle Financial Counsel LLC now owns 2,238 shares of the real estate investment trust’s stock valued at $487,000 after acquiring an additional 53 shares during the period. Finally, CreativeOne Wealth LLC increased its position in shares of American Tower by 2.1% in the fourth quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after acquiring an additional 54 shares during the period. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on AMT. Scotiabank boosted their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. JMP Securities boosted their price objective on shares of American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a research report on Wednesday, April 30th. Raymond James Financial set a $250.00 price target on shares of American Tower and gave the company a “strong-buy” rating in a research report on Wednesday, July 30th. Finally, Hsbc Global Res cut shares of American Tower from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $243.88.

Insider Activity

In other news, CEO Juan Font sold 720 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of AMT opened at $206.00 on Tuesday. The stock has a market cap of $96.46 billion, a PE ratio of 74.91, a price-to-earnings-growth ratio of 1.18 and a beta of 0.82. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The firm’s 50-day simple moving average is $218.21 and its two-hundred day simple moving average is $211.56.

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

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, June 13th. 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.