B. Riley Wealth Advisors Inc. Sells 13,012 Shares of American Tower Co. (NYSE:AMT)

B. Riley Wealth Advisors Inc. lessened its stake in American Tower Co. (NYSE:AMT) by 31.1% during the second quarter, HoldingsChannel reports. The firm owned 28,814 shares of the real estate investment trust’s stock after selling 13,012 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in American Tower were worth $5,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the first quarter worth $25,000. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter worth about $27,000. Cultivar Capital Inc. purchased a new position in American Tower during the 2nd quarter valued at about $25,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower during the second quarter valued at about $29,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of American Tower in the first quarter worth about $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were 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 of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last ninety days. Company insiders own 0.18% of the company’s stock.

American Tower Trading Up 0.9 %

Shares of AMT opened at $232.46 on Tuesday. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $243.56. The firm has a 50 day moving average price of $227.39 and a 200-day moving average price of $203.65. The firm has a market cap of $108.58 billion, a price-to-earnings ratio of 52.59, a PEG ratio of 1.05 and a beta of 0.83.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.79%. American Tower’s payout ratio is 146.61%.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. BMO Capital Markets lifted their price objective on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Wells Fargo & Company upped their target price on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.00.

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