Granite Bay Wealth Management LLC Has $256,000 Stock Holdings in American Tower Co. (NYSE:AMT)

Granite Bay Wealth Management LLC lessened its position in American Tower Co. (NYSE:AMT) by 30.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,100 shares of the real estate investment trust’s stock after selling 480 shares during the period. Granite Bay Wealth Management LLC’s holdings in American Tower were worth $256,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meyer Handelman Co. acquired a new stake in shares of American Tower in the 1st quarter valued at $801,000. Kingsview Wealth Management LLC lifted its position in American Tower by 13.8% during the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after buying an additional 4,660 shares in the last quarter. Tidal Investments LLC lifted its position in American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after buying an additional 4,430 shares in the last quarter. Cetera Advisors LLC lifted its position in American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after buying an additional 9,275 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in American Tower by 5.3% during the 1st quarter. Nordea Investment Management AB now owns 871,635 shares of the real estate investment trust’s stock worth $172,061,000 after buying an additional 43,531 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related 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 directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The disclosure for this sale can be found here. In the last three months, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Performance

Shares of AMT stock opened at $229.43 on Friday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $107.14 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 1.05 and a beta of 0.83. The stock has a 50-day moving average of $228.68 and a 200-day moving average of $204.27. American Tower Co. has a one year low of $154.58 and a one year high of $243.56.

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

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.82%. American Tower’s payout ratio is 146.61%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AMT shares. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. BMO Capital Markets upped their price target on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, September 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Mizuho upped their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $234.00.

American Tower 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.