SouthState Corp Cuts Position in American Tower Co. (NYSE:AMT)

SouthState Corp reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 53.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 161 shares of the real estate investment trust’s stock after selling 183 shares during the quarter. SouthState Corp’s holdings in American Tower were worth $31,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in AMT. Northwest Investment Counselors LLC acquired a new stake in American Tower in the 1st quarter valued at $25,000. Cultivar Capital Inc. acquired a new stake in shares of American Tower in the second quarter valued at about $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower during the 4th quarter valued at about $28,000. Hobbs Group Advisors LLC acquired a new position in American Tower during the 2nd quarter worth approximately $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in American Tower in the 1st quarter worth approximately $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AMT. Scotiabank boosted their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays lowered their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.14.

Insider Buying and Selling

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction that occurred on 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 owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,723 shares of company stock valued at $7,795,397. Insiders own 0.18% of the company’s stock.

American Tower Stock Performance

American Tower stock opened at $236.23 on Friday. The company has a market cap of $110.34 billion, a PE ratio of 53.45, a P/E/G ratio of 1.54 and a beta of 0.83. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $236.44. The company has a fifty day moving average price of $216.56 and a two-hundred day moving average price of $199.32. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the company earned $2.46 EPS. American Tower’s quarterly revenue was up 4.7% on a year-over-year basis. Research analysts expect that American Tower Co. will post 10.18 earnings per share for the current year.

American Tower Company Profile

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.