Foundations Investment Advisors LLC Sells 820 Shares of American Tower Co. (NYSE:AMT)

Posted by on Jul 12th, 2023

Foundations Investment Advisors LLC lowered its holdings in shares of American Tower Co. (NYSE:AMT – Free Report) by 22.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,873 shares of the real estate investment trust’s stock after selling 820 shares during the quarter. Foundations Investment Advisors LLC’s holdings in American Tower were worth $587,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AMT. EWG Elevate Inc. bought a new position in shares of American Tower in the 4th quarter valued at approximately $25,000. New England Capital Financial Advisors LLC bought a new position in shares of American Tower in the 4th quarter valued at approximately $26,000. J.Safra Asset Management Corp raised its stake in shares of American Tower by 629.4% in the 4th quarter. J.Safra Asset Management Corp now owns 124 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 107 shares in the last quarter. Elequin Securities LLC bought a new position in American Tower in the 4th quarter worth $28,000. Finally, Pinnacle Holdings LLC bought a new position in American Tower in the 1st quarter worth $29,000. Institutional investors own 97.13% of the company’s stock.

American Tower Trading Up 0.5 %

AMT stock opened at $194.58 on Wednesday. American Tower Co. has a 1-year low of $178.17 and a 1-year high of $282.47. The firm has a market cap of $90.68 billion, a P/E ratio of 64.86, a P/E/G ratio of 1.34 and a beta of 0.58. The business’s 50 day moving average is $191.09 and its 200-day moving average is $202.79. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 2.83.

American Tower (NYSE:AMT – Get Free Report) last released its quarterly earnings data on Wednesday, April 26th. The real estate investment trust reported $0.72 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($1.56). American Tower had a net margin of 12.85% and a return on equity of 11.65%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the prior year, the company posted $2.55 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. Equities analysts anticipate that American Tower Co. will post 9.25 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 10th. Stockholders of record on Friday, June 16th were issued a $1.57 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.56. The ex-dividend date was Thursday, June 15th. This represents a $6.28 annualized dividend and a dividend yield of 3.23%. American Tower’s dividend payout ratio is presently 209.33%.

Analyst Ratings Changes

AMT has been the topic of several recent analyst reports. Raymond James lifted their target price on shares of American Tower from $227.00 to $238.00 in a report on Thursday, April 27th. StockNews.com assumed coverage on American Tower in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Morgan Stanley dropped their price target on American Tower from $224.00 to $215.00 in a research report on Tuesday, April 18th. Barclays lifted their price target on American Tower from $229.00 to $233.00 in a research report on Monday, May 1st. Finally, Royal Bank of Canada dropped their price objective on shares of American Tower from $241.00 to $233.00 in a report on Monday, July 3rd. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $249.86.

American Tower Company Profile

(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.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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