Allworth Financial LP Sells 96 Shares of American Tower Co. (NYSE:AMT)

Posted by Defense World Staff on Jul 1st, 2023

Allworth Financial LP lessened its position in shares of American Tower Co. (NYSE:AMT – Free Report) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,467 shares of the real estate investment trust’s stock after selling 96 shares during the period. Allworth Financial LP’s holdings in American Tower were worth $1,526,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in AMT. Moneta Group Investment Advisors LLC boosted its holdings in shares of American Tower by 101,474.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock worth $2,219,094,000 after acquiring an additional 10,464,030 shares during the period. Norges Bank acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $1,008,567,000. Cottage Street Advisors LLC raised its position in shares of American Tower by 17,322.3% in the fourth quarter. Cottage Street Advisors LLC now owns 1,495,527 shares of the real estate investment trust’s stock valued at $282,000 after buying an additional 1,486,943 shares in the last quarter. Morgan Stanley raised its position in shares of American Tower by 15.4% in the fourth quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock valued at $1,532,063,000 after buying an additional 962,800 shares in the last quarter. Finally, Amundi raised its position in shares of American Tower by 53.3% in the fourth quarter. Amundi now owns 2,347,688 shares of the real estate investment trust’s stock valued at $535,555,000 after buying an additional 816,302 shares in the last quarter. Institutional investors own 97.13% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $193.89 on Friday. The firm’s fifty day moving average price is $191.96 and its two-hundred day moving average price is $203.85. The stock has a market cap of $90.36 billion, a PE ratio of 64.63, a PEG ratio of 1.34 and a beta of 0.57. American Tower Co. has a fifty-two week low of $178.17 and a fifty-two week high of $282.47. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.61 and a current ratio of 0.61.

American Tower (NYSE:AMT – Free Report) last posted its earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $2.28 by ($1.56). The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 11.65% and a net margin of 12.85%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. On average, equities analysts expect that American Tower Co. will post 9.25 EPS for the current fiscal year.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 10th. Investors of record on Friday, June 16th will be paid a $1.57 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.56. The ex-dividend date is Thursday, June 15th. This represents a $6.28 annualized dividend and a dividend yield of 3.24%. American Tower’s payout ratio is currently 209.33%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AMT shares. Moffett Nathanson upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $244.00 to $234.00 in a research report on Thursday, March 30th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of American Tower from $254.00 to $245.00 in a research report on Tuesday, March 7th. StockNews.com started coverage on shares of American Tower in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Royal Bank of Canada dropped their price target on shares of American Tower from $240.00 to $230.00 and set an “outperform” rating for the company in a research report on Monday, March 6th. Finally, Raymond James boosted their price objective on shares of American Tower from $227.00 to $238.00 in a research report on Thursday, April 27th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $249.64.

About American Tower

(Free Report)

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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.