American Tower Corp (AMT) Position Lowered by Valeo Financial Advisors LLC
Valeo Financial Advisors LLC cut its holdings in shares of American Tower Corp (NYSE:AMT) by 11.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 864 shares of the real estate investment trust’s stock after selling 107 shares during the period. Valeo Financial Advisors LLC’s holdings in American Tower were worth $170,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in AMT. Quantamental Technologies LLC bought a new position in American Tower in the fourth quarter valued at about $25,000. Canton Hathaway LLC bought a new position in American Tower in the first quarter valued at about $26,000. Lavaca Capital LLC bought a new position in American Tower in the fourth quarter valued at about $27,000. Acima Private Wealth LLC bought a new position in American Tower in the fourth quarter valued at about $27,000. Finally, WESPAC Advisors SoCal LLC bought a new position in American Tower in the fourth quarter valued at about $27,000. 94.75% of the stock is currently owned by institutional investors.
NYSE AMT opened at $197.96 on Monday. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.68 and a current ratio of 0.68. American Tower Corp has a 52 week low of $133.53 and a 52 week high of $198.19. The stock has a market capitalization of $86.75 billion, a PE ratio of 24.78, a P/E/G ratio of 1.66 and a beta of 0.68.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Thursday, April 11th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Wednesday, April 10th. This represents a $3.60 annualized dividend and a dividend yield of 1.82%. This is a boost from American Tower’s previous quarterly dividend of $0.84. American Tower’s dividend payout ratio (DPR) is currently 45.06%.
In related news, Director Gustavo Lara sold 3,050 shares of the stock in a transaction dated Friday, January 18th. The stock was sold at an average price of $165.00, for a total transaction of $503,250.00. Following the completion of the sale, the director now owns 12,457 shares in the company, valued at $2,055,405. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Amit Sharma sold 32,500 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $194.35, for a total value of $6,316,375.00. Following the sale, the executive vice president now owns 177,193 shares of the company’s stock, valued at approximately $34,437,459.55. The disclosure for this sale can be found here. Insiders have sold 119,753 shares of company stock valued at $21,218,220 in the last quarter. 0.87% of the stock is currently owned by company insiders.
AMT has been the topic of a number of recent research reports. Bank of America increased their target price on American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Macquarie reaffirmed a “buy” rating and issued a $210.00 price objective on shares of American Tower in a research note on Thursday, February 28th. Morgan Stanley raised their price objective on American Tower from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Monday, March 11th. Edward Jones downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Finally, Wells Fargo & Co downgraded American Tower from an “outperform” rating to a “market perform” rating in a research note on Monday. Twelve investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. American Tower presently has a consensus rating of “Hold” and an average price target of $176.88.
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 170,000 communications sites.
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