DA Davidson & CO. reduce inventory position at American Tower Co. (NYSE:AMT)

VaselineSeptember 3, 2024

0 4 minutes read

DA Davidson & CO. reduced its holdings in American Tower Co. (NYSE:AMT – Free Report) by 47.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,149 shares of the real estate investment trust’s stock after selling 20,496 shares during the period. DA Davidson & CO holdings. in American Tower were worth $4,500,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Fortis Capital Advisors LLC purchased a new position in shares of American Tower in the 4th quarter valued at $220,000. Victory Capital Management Inc. raised its holdings in shares of American Tower by 2.5% in the fourth quarter. Victory Capital Management Inc. now owns 181,773 shares of the real estate investment trust’s stock worth $39,241,000 after acquiring an additional 4,485 shares during the last quarter. Accretive Wealth Partners LLC boosted its holdings in shares of American Tower by 9.4% in the fourth quarter. Accretive Wealth Partners LLC now owns 4,435 shares of the real estate investment trust’s stock worth $958,000 after acquiring an additional 380 shares during the last quarter. Aveo Capital Partners LLC bought a new stake in shares of American Tower in the 4th quarter valued at approximately $344,000. Finally, Merit Financial Group LLC boosted its holdings in shares of American Tower by 9.1% in the 4th quarter. Merit Financial Group LLC now owns 2,219 shares of the real estate investment trust’s stock worth $479,000 after acquired an additional 186 shares in the last quarter. 92.69% of shares are held by hedge funds and other institutional investors.

Analysts set new price targets

Several equities research analysts recently issued reports on the stock. BMO Capital Markets restated an “outperform” rating and issued a $246.00 target price (up from $225.00) on shares of American Tower in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price 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. TD Cowen raised their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Two 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. The stock currently has an average rating of “Moderate Buy” and a consensus price target of $231.14, according to MarketBeat.

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US tower stocks up 0.2%

American Tower stock opened at $224.06 on Tuesday. The company’s 50-day moving average price is $213.40 and its 200-day moving average price is $198.19. The company has a quick ratio of 0.81, a current ratio of 0.81, and a debt-to-equity ratio of 3.42. American Tower Co. it has a 52-week low of $154.58 and a 52-week high of $236.13. The company has a market cap of $104.65 billion, a P/E ratio of 50.69, a PEG ratio of 1.51 and a beta of 0.83.

American Tower (NYSE:AMT – Get Free Report ) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the firm earned $2.46 EPS. The company’s quarterly revenue was up 4.7% year over year. On average, sell-side analysts predict that American Tower Co. will post 10.05 EPS for the current fiscal year.

Insiders place their bets

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. Insiders hold 0.18% of the company’s stock.

American tower profile

(Free report)

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multi-tenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of US data centers.