American Tower Corporation $AMT Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA lowered its holdings in American Tower Corporation (NYSE:AMT) by 62.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,182 shares of the real estate investment trust’s stock after selling 72,114 shares during the period. Glenmede Trust Co. NA’s holdings in American Tower were worth $7,625,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Richards Merrill & Peterson Inc. purchased a new position in shares of American Tower during the 4th quarter worth about $25,000. Oakworth Capital Inc. increased its position in American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 68 shares during the last quarter. Swiss RE Ltd. acquired a new position in American Tower during the fourth quarter worth approximately $25,000. Triumph Capital Management purchased a new position in American Tower during the third quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of American Tower in the 4th quarter valued at $29,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

AMT stock opened at $173.07 on Tuesday. The firm has a market cap of $80.63 billion, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52. American Tower Corporation has a 1 year low of $160.06 and a 1 year high of $214.79. The stock has a 50-day simple moving average of $175.66 and a 200-day simple moving average of $178.44.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Friday, June 12th were given a $1.79 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $7.16 annualized dividend and a yield of 4.1%. American Tower’s dividend payout ratio (DPR) is 98.49%.

Analyst Upgrades and Downgrades

AMT has been the subject of several research reports. Wolfe Research raised shares of American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective for the company in a research note on Wednesday, July 8th. Citizens Jmp reissued a “market outperform” rating and set a $260.00 price target on shares of American Tower in a research report on Wednesday, April 29th. BMO Capital Markets raised their price objective on American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a report on Wednesday, July 29th. TD Cowen raised their price target on shares of American Tower from $225.00 to $227.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $214.00 price objective on shares of American Tower in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $215.19.

Insider Buying and Selling

In other news, CFO Robert Joseph Meyer sold 5,000 shares of American Tower stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer owned 21,428 shares in the company, valued at $3,833,254.92. This trade represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ruth T. Dowling sold 1,106 shares of the business’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $174.96, for a total transaction of $193,505.76. Following the transaction, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. The trade was a 3.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,791 shares of company stock worth $1,204,091 in the last quarter. Insiders own 0.08% of the company’s stock.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.