Socorro Asset Management LP Sells 4,718 Shares of American Tower Corporation $AMT

Socorro Asset Management LP decreased its position in American Tower Corporation (NYSE:AMT) by 9.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 45,799 shares of the real estate investment trust’s stock after selling 4,718 shares during the quarter. American Tower accounts for approximately 3.6% of Socorro Asset Management LP’s holdings, making the stock its 9th biggest holding. Socorro Asset Management LP’s holdings in American Tower were worth $7,904,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Richards Merrill & Peterson Inc. acquired a new stake in American Tower during the 4th quarter valued at $25,000. Oakworth Capital Inc. grew its holdings in shares of American Tower by 90.7% during the fourth quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 68 shares during the last quarter. Swiss RE Ltd. acquired a new stake in shares of American Tower in the fourth quarter valued at $25,000. Triumph Capital Management bought a new position in shares of American Tower in the third quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in American Tower during the 4th quarter worth about $29,000. 92.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Scotiabank increased their price objective on shares of American Tower from $214.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Raymond James Financial reissued a “strong-buy” rating and set a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. Mizuho upgraded shares of American Tower from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $189.00 to $205.00 in a research report on Wednesday, April 15th. Wolfe Research raised American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 price objective on the stock in a report on Wednesday, July 8th. Finally, Sanford C. Bernstein upgraded American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $215.57.

American Tower Price Performance

Shares of AMT stock opened at $166.69 on Tuesday. The firm’s 50 day moving average price is $176.56 and its two-hundred day moving average price is $178.30. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $229.07. The stock has a market cap of $77.66 billion, a PE ratio of 26.93, a PEG ratio of 0.70 and a beta of 0.91.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating the consensus estimate of $1.60 by $1.24. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.66 billion. American Tower had a net margin of 26.81% and a return on equity of 27.79%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.75 EPS. As a group, analysts forecast that American Tower Corporation will post 10.66 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Friday, June 12th were issued a $1.79 dividend. This represents a $7.16 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio is currently 115.67%.

Insiders Place Their Bets

In other American Tower news, EVP Ruth T. Dowling sold 416 shares of the stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total value of $73,856.64. Following the transaction, the executive vice president owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company’s stock.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.