Beech Hill Advisors Inc. Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

17 Oct 2024, 20:48 by Kim Johansen · The Markets Daily

Beech Hill Advisors Inc. reduced its holdings in shares of American Tower Co. (NYSE:AMT – Free Report) by 4.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,371 shares of the real estate investment trust’s stock after selling 523 shares during the quarter. Beech Hill Advisors Inc.’s holdings in American Tower were worth $2,644,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. Northwest Investment Counselors LLC purchased a new position in American Tower in the first quarter valued at approximately $25,000. Cultivar Capital Inc. bought a new stake in American Tower during the 2nd quarter valued at $25,000. Fairscale Capital LLC purchased a new stake in shares of American Tower during the second quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in shares of American Tower in the second quarter worth $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of American Tower in the first quarter valued at $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AMT shares. Mizuho increased their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Royal Bank of Canada boosted their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group initiated coverage on shares of American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target on the stock. Finally, BMO Capital Markets lifted their price objective on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $235.21.

View Our Latest Research Report on AMT

American Tower Trading Down 0.8 %

NYSE AMT opened at $227.58 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock has a 50-day moving average of $228.54 and a 200-day moving average of $206.06. The firm has a market cap of $106.30 billion, a PE ratio of 42.78, a price-to-earnings-growth ratio of 1.01 and a beta of 0.83. American Tower Co. has a 1-year low of $157.25 and a 1-year high of $243.56.

American Tower (NYSE:AMT – Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. As a group, sell-side analysts forecast that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.85%. American Tower’s dividend payout ratio is presently 121.80%.

Insider Activity at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last 90 days. Company insiders own 0.18% of the company’s stock.

About American Tower

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