Alpha Cubed Investments LLC Sells 4,053 Shares of American Tower Co. (NYSE:AMT)

Alpha Cubed Investments LLC lessened its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 2.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 197,020 shares of the real estate investment trust's stock after selling 4,053 shares during the quarter. American Tower makes up approximately 2.0% of Alpha Cubed Investments LLC's portfolio, making the stock its 17th largest holding. Alpha Cubed Investments LLC's holdings in American Tower were worth $45,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in shares of American Tower by 21.9% in the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust's stock valued at $3,416,004,000 after purchasing an additional 2,839,570 shares during the period. Principal Financial Group Inc. raised its position in shares of American Tower by 36.2% in the first quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust's stock valued at $1,737,760,000 after purchasing an additional 2,336,501 shares during the period. Ameriprise Financial Inc. raised its position in shares of American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust's stock valued at $1,243,333,000 after purchasing an additional 1,885,421 shares during the period. Vanguard Group Inc. raised its position in shares of American Tower by 1.6% in the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust's stock valued at $12,248,812,000 after purchasing an additional 965,938 shares during the period. Finally, M&G Plc bought a new position in shares of American Tower in the first quarter valued at approximately $164,300,000. Institutional investors own 92.69% of the company's stock.

Analyst Ratings Changes

AMT has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Monday, July 1st. They issued a "buy" rating and a $230.00 price target on the stock. Mizuho boosted their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Royal Bank of Canada boosted their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an "outperform" rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Finally, BMO Capital Markets boosted their target price 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. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, American Tower presently has a consensus rating of "Moderate Buy" and an average target price of $234.00.

Insider Buying and Selling

In related news, EVP Olivier Puech sold 10,005 shares of the company's stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business's 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 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 61,843 shares of the company's stock, valued at $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last 90 days. Corporate insiders own 0.18% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT traded up $0.88 on Tuesday, hitting $224.25. The stock had a trading volume of 1,630,861 shares, compared to its average volume of 2,171,015. American Tower Co. has a twelve month low of $157.25 and a twelve month high of $243.56. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The firm's 50 day moving average price is $229.04 and its 200-day moving average price is $204.79. The company has a market capitalization of $104.74 billion, a price-to-earnings ratio of 50.74, a price-to-earnings-growth ratio of 1.02 and a beta of 0.83.

American Tower (NYSE:AMT - Get Free Report) last issued 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 company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $2.46 EPS. On average, equities research analysts predict 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 2.89%. American Tower's dividend payout ratio (DPR) is 146.61%.

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.