In a recent filing with the Securities and Exchange Commission (SEC), Daymark Wealth Partners LLC revealed that it has increased its position in American Tower Co. (NYSE: AMT) by 29.2% during the second quarter of this year. The institutional investor now owns a total of 5,081 shares of the real estate investment trust’s stock, after acquiring an additional 1,147 shares.
Based on its most recent SEC filing, Daymark Wealth Partners LLC’s holdings in American Tower were valued at $985,000 as of September 30, 2023. This increase in position indicates the firm’s confidence and bullish sentiment towards American Tower.
Furthermore, CFO Rodney M. Smith made several significant sales of American Tower stock recently. On August 3rd, he sold a total of 3,524 shares at an average price of $188.91 per share, resulting in a transaction value of $665,718.84. Following these sales transactions, Smith now holds approximately 53,389 shares of American Tower stock worth around $10 million.
These sales were disclosed through filings with the SEC and can be accessed through their website. Additionally, on August 10th, Smith sold an additional 2,727 shares at an average price of $187.17 per share for a total transaction value of $510,412.59.
Collectively over the last quarter, insiders have sold a total of 16,251 shares with an estimated market value of $2,957,531. It is important to note that these insider sales are not indicative of any negative outlook on the company’s future prospects but may represent personal financial planning or diversification strategies.
American Tower is a leading global owner and operator of wireless communications infrastructure serving various industries worldwide. As demand for wireless connectivity continues to grow exponentially due to technological advancements and increasing reliance on telecommunications networks globally; companies like American Tower are positioned to benefit from these trends.
Investors should always conduct thorough research and due diligence before making investment decisions. Monitoring insider trading activity can provide valuable insights into the sentiments of industry professionals, but it is imperative to consider all relevant factors and market conditions when evaluating stocks for investment purposes.
It will be interesting to observe how these recent developments impact American Tower’s stock performance and future outlook in the coming months.
American Tower Corporation
AMT
Buy
Updated on: 04/12/2023
Financial Health
Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Sell
Changes in Hedge Fund Positions, Analyst Ratings, and Noteworthy Activity in American Tower
As of September 30, 2023, several hedge funds have made significant changes to their positions in American Tower. Riverview Trust Co acquired a new stake in the company during the second quarter, valued at approximately $27,000. Pinnacle Holdings LLC also purchased a new position in the first quarter worth $29,000, while Eagle Bay Advisors LLC acquired a new stake during the second quarter worth $30,000. Furthermore, Sittner & Nelson LLC increased its holdings in American Tower by 151.7% during the first quarter. They currently own 151 shares of the company’s stock which are valued at $31,000 after purchasing an additional 91 shares during this period. Lastly,the institutional investors and hedge funds now own about 89.29% of American Tower’s stock.
Equities analysts have recently commented on American Tower’s performance as well. Barclays lowered their price objective on the company from $233.00 to $228.00 while maintaining an “overweight” rating for it in a research report released on Monday, August 7th. Similarly,Raymond James reduced their price objective from $211.00 to $205.00 and maintained an “outperform” rating on the stock in a report issued on Tuesday, August 22nd.Wells Fargo & Company also decreased their price target on shares of American Tower from $245.00 to $215.00 and set an “overweight” rating for the company in a research report released on Tuesday, July 18th.Additionally,JPMorgan Chase & Co.also decreased their price target from $265.00 to$218.For his part,Royal Bank of Canada cut down their target price from$233.00 to$230 but still maintained an “outperform” rating.Currently,the consensus rating based on Bloomberg.com data is”Moderate Buy”. Moreover,the average target price has been estimated at around $238.80.
In addition to the changes in positions and analysts’ views, there has been some noteworthy activity within American Tower. For instance,on Thursday, August 3rd, CFO Rodney M.Smith sold 3,524 shares of American Tower stock at an average price of $188.91,resulting in a total value of $665,718.84.Following this sale, the chief financial officer now owns 53,389 shares of the company’s stock valued at approximately $10,085,715.99.Another sale occurred on Thursday,August10th,in which Smith sold 2,727 shares of the business’s stock at an average price of $187.17 for a total transaction value of $510,412.59.As a result,the CFO now directly owns a total of 50,662 shares in the company with an estimated value of about $9,482,406.54.It is worth noting that insiders have sold a total of 16,251 shares of company stock valued at $2,957531 over the last quarter.American Tower insiders hold roughly around 0.24% of the company’s stock.
On Friday,the opening price for American Tower stock was recorded at$162.42.The company has a debt-to-equity ratioof2.96 as well as a current ratio and quick ratio both standingat0.73.Furthermore,the business possesses a50-day simple moving averageof$180.36and a200-day simple moving averageof$19028.American Tower Co.’s12-month low is$158-17with its12-month highbeing$23557.Currently,the company holds amarket capitalizationvalue of$75-71 billion.Upon evaluation through various ratios,it is observed thatAmerican Towerhasa PE(ratio)of78-46,a price-to-earnings-growth(p-to-G)ratioof1-20 and a beta of 0,58.
Furthermore,the company has recently disclosed a quarterly dividend, which is scheduled to be paid on Friday, October 27th.All shareholders as of Wednesday, October 11th will be entitled to the dividend amount of $1.62 per share.The ex-dividend date is set for Tuesday, October 10th.The new dividend reflects an increase compared to American Tower’s previous quarterly dividend of $1.57.At present,American Tower’s dividend payout ratio hovers around303-38%.
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