Cim Investment Management Inc. Decreases Stake in American Tower Co. (REIT) (NYSE:AMT)

Cim Investment Management Inc. lessened its stake in American Tower Co. (REIT) (NYSE:AMT) by 1.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,548 shares of the real estate investment trust’s stock after selling 67 shares during the quarter. Cim Investment Management Inc.’s holdings in American Tower were worth $958,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. NEXT Financial Group Inc boosted its stake in shares of American Tower by 1.4% in the second quarter. NEXT Financial Group Inc now owns 2,819 shares of the real estate investment trust’s stock valued at $762,000 after buying an additional 38 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in shares of American Tower by 7.1% in the second quarter. Parkside Financial Bank & Trust now owns 631 shares of the real estate investment trust’s stock valued at $170,000 after buying an additional 42 shares in the last quarter. Quest Capital Management Inc. ADV boosted its stake in shares of American Tower by 2.7% in the second quarter. Quest Capital Management Inc. ADV now owns 1,640 shares of the real estate investment trust’s stock valued at $443,000 after buying an additional 43 shares in the last quarter. Heritage Wealth Advisors boosted its stake in shares of American Tower by 14.5% in the second quarter. Heritage Wealth Advisors now owns 348 shares of the real estate investment trust’s stock valued at $78,000 after buying an additional 44 shares in the last quarter. Finally, Adams Chetwood Wealth Management LLC boosted its stake in shares of American Tower by 1.1% in the second quarter. Adams Chetwood Wealth Management LLC now owns 4,103 shares of the real estate investment trust’s stock valued at $1,108,000 after buying an additional 44 shares in the last quarter. Institutional investors and hedge funds own 89.57% of the company’s stock.

In other American Tower news, Director David E. Sharbutt sold 739 shares of the company’s stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $300.71, for a total transaction of $222,224.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert D. Hormats sold 100 shares of the company’s stock in a transaction dated Tuesday, July 20th. The stock was sold at an average price of $283.11, for a total value of $28,311.00. The disclosure for this sale can be found here. Insiders sold 939 shares of company stock valued at $279,485 over the last quarter. Insiders own 0.68% of the company’s stock.

American Tower stock traded up $3.17 during trading on Thursday, hitting $267.35. The company’s stock had a trading volume of 24,927 shares, compared to its average volume of 1,830,931. The stock has a market capitalization of $121.68 billion, a price-to-earnings ratio of 53.26, a P/E/G ratio of 2.07 and a beta of 0.24. The stock’s fifty day moving average is $284.03 and its 200 day moving average is $269.03. American Tower Co. has a 1-year low of $197.50 and a 1-year high of $303.72. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.77 and a current ratio of 0.77.

American Tower (NYSE:AMT) last released its earnings results on Wednesday, July 28th. The real estate investment trust reported $1.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.27 by ($0.62). American Tower had a net margin of 25.84% and a return on equity of 44.60%. On average, research analysts anticipate that American Tower Co. will post 9.28 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Tuesday, September 28th will be paid a $1.31 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.27. This represents a $5.24 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, September 27th. American Tower’s dividend payout ratio is presently 62.09%.

A number of research firms recently weighed in on AMT. Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating in a research note on Tuesday, July 13th. Raymond James boosted their target price on American Tower from $261.00 to $296.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 3rd. Argus boosted their target price on American Tower from $288.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, August 12th. Morgan Stanley boosted their target price on American Tower from $270.00 to $316.00 and gave the stock an “equal weight” rating in a research report on Friday, September 10th. They noted that the move was a valuation call. Finally, Truist boosted their target price on American Tower from $280.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $298.29.

American Tower Company Profile

American Tower Corp. provides real estate investment services, and owns, operates, and develops multitenant communications real estate properties. It operates through the following segments: U.S. & Canada, Asia-Pacific, Europe, Africa Latin America, and Services. The Asia-Pacific segment refers to the operations in Australia and India.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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