Cabot Wealth Management Inc. Sells 6,957 Shares of American Tower Corporation $AMT

Cabot Wealth Management Inc. trimmed its position in shares of American Tower Corporation (NYSE:AMT) by 11.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,342 shares of the real estate investment trust’s stock after selling 6,957 shares during the quarter. Cabot Wealth Management Inc.’s holdings in American Tower were worth $8,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in American Tower during the second quarter valued at $7,490,943,000. Deutsche Bank AG bought a new position in American Tower in the second quarter valued at about $1,096,186,000. Bank of America Corp DE purchased a new position in American Tower in the second quarter worth about $638,829,000. Bank of New York Mellon Corp purchased a new position in American Tower in the second quarter worth about $500,016,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in American Tower in the second quarter worth about $291,867,000. 92.69% of the stock is owned by institutional investors.

American Tower Trading Down 0.0%

NYSE:AMT opened at $190.29 on Thursday. American Tower Corporation has a one year low of $160.06 and a one year high of $202.50. The business has a fifty day moving average price of $178.09 and a 200-day moving average price of $177.83. The firm has a market capitalization of $88.25 billion, a price-to-earnings ratio of 26.84, a price-to-earnings-growth ratio of 3.43 and a beta of 0.85. The company has a debt-to-equity ratio of 3.30, a current ratio of 0.51 and a quick ratio of 0.51.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 27th. The real estate investment trust reported $1.64 earnings per share for the quarter, meeting the consensus estimate of $1.64. American Tower had a return on equity of 32.71% and a net margin of 30.10%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the business earned $2.78 earnings per share. American Tower’s quarterly revenue was up 2.5% compared to the same quarter last year. Sell-side analysts forecast that American Tower Corporation will post 10.80 EPS for the current year.

American Tower declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 27th that permits the company to buy back $2 billion in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase shares of its stock through open market purchases. Share buyback plans are usually a sign that the company’s management believes its shares are undervalued.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 20th. Stockholders of record on Wednesday, September 30th were paid a $1.79 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.16 annualized dividend and a dividend yield of 3.8%. American Tower’s dividend payout ratio (DPR) is 100.99%.

Insider Activity

In related news, Director Rajesh Kalathur acquired 2,829 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average cost of $177.00 per share, for a total transaction of $500,733.00. Following the purchase, the director owned 7,765 shares in the company, valued at $1,374,405. The trade was a 57.31% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ruth T. Dowling sold 952 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $185.81, for a total transaction of $176,891.12. Following the completion of the sale, the executive vice president directly owned 26,133 shares of the company’s stock, valued at $4,855,772.73. This represents a 3.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent research reports. Sanford C. Bernstein reduced their price target on shares of American Tower from $214.00 to $212.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. BMO Capital Markets increased their price objective on shares of American Tower from $190.00 to $195.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Weiss Ratings downgraded shares of American Tower from a “hold (c)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. Royal Bank Of Canada reissued an “outperform” rating and issued a $205.00 price objective on shares of American Tower in a report on Wednesday, October 28th. Finally, Truist Financial boosted their target price on shares of American Tower from $207.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and an average price target of $216.11.

American Tower Profile

American Tower Corporation is a real estate investment trust that owns, operates and develops communications infrastructure. Its portfolio includes wireless and broadcast communications sites, such as towers and rooftop installations, where mobile network operators and other customers place antennas and related equipment. The company also provides services related to site acquisition, development, construction and maintenance. Through its CoreSite business, American Tower operates data centers and provides colocation and interconnection services.