Independence Bank of Kentucky Reduces Stock Position in American Tower Co. (NYSE:AMT)

11 Oct 2024, 20:20 by Mitch Edgeman · The Markets Daily

Independence Bank of Kentucky trimmed its position in American Tower Co. (NYSE:AMT – Free Report) by 13.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,041 shares of the real estate investment trust’s stock after selling 1,101 shares during the quarter. Independence Bank of Kentucky’s holdings in American Tower were worth $1,637,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AMT. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 1st quarter worth $25,000. Cultivar Capital Inc. purchased a new stake in shares of American Tower during the 2nd quarter worth $25,000. Fairscale Capital LLC purchased a new stake in shares of American Tower during the 2nd quarter worth $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of American Tower during the 2nd quarter worth $29,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of American Tower during the 1st quarter worth $30,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Olivier Puech sold 10,005 shares of the firm’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 value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,723 shares of company stock valued at $7,795,397. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AMT shares. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. Barclays upped their price target on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $245.00 to $230.00 in a report on Thursday. Royal Bank of Canada upped their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Finally, The Goldman Sachs Group began coverage on American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target for the company. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $235.21.

Check Out Our Latest Stock Analysis on AMT

American Tower Trading Up 0.1 %

Shares of NYSE:AMT traded up $0.27 during mid-day trading on Friday, reaching $218.17. 327,298 shares of the company were exchanged, compared to its average volume of 2,287,052. The firm has a market cap of $101.90 billion, a price-to-earnings ratio of 40.96, a P/E/G ratio of 1.01 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. The firm’s 50-day simple moving average is $228.87 and its 200 day simple moving average is $205.21.

American Tower (NYSE:AMT – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts forecast that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.97%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 121.80%.

American Tower Profile

(Free Report)