Beaumont Financial Advisors LLC Cuts Holdings in American Tower Co. (NYSE:AMT)

Beaumont Financial Advisors LLC cut its position in American Tower Co. (NYSE:AMT - Free Report) by 66.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,709 shares of the real estate investment trust's stock after selling 7,239 shares during the quarter. Beaumont Financial Advisors LLC's holdings in American Tower were worth $863,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AMT. Wellington Management Group LLP raised its stake in shares of American Tower by 21.9% during the 4th 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 stake in shares of American Tower by 36.2% during the 1st 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 stake in shares of American Tower by 41.8% during the 2nd 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 stake in shares of American Tower by 1.6% during the 1st 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 stake in shares of American Tower during the 1st quarter valued at $164,300,000. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the company's 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 transaction, the executive vice president now owns 51,746 shares of the company's stock, valued at $12,070,789.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares of the company's stock, valued at approximately $7,424,177.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares of the company's stock, valued at $12,070,789.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock valued at $7,795,397 in the last 90 days. Insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. TD Cowen boosted their target price on American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a research report on Wednesday, July 31st. Scotiabank boosted their target price on American Tower from $223.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 31st. Mizuho boosted their target price on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Finally, The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday, July 1st. They set a "buy" rating and a $230.00 target price for the company. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.21.

American Tower Trading Up 0.6 %

AMT stock traded up $1.37 during trading on Friday, hitting $219.27. 1,614,001 shares of the company traded hands, compared to its average volume of 2,099,325. The firm has a market capitalization of $102.42 billion, a PE ratio of 41.22, a P/E/G ratio of 1.00 and a beta of 0.83. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. The company has a 50-day moving average of $228.56 and a 200-day moving average of $205.45. 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 (NYSE:AMT - Get Free Report) last issued its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share 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 analysts' expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company's revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. Analysts predict that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Wednesday, October 9th. American Tower's payout ratio is 121.80%.

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.