By otakuyassine3@gmail.com 
SteelPeak Wealth LLC purchased a new stake in American Tower Co. (NYSE:AMT – Free Report) in the fourth quarter, Holdings Channel.com reports. The fund purchased 4,995 shares of the real estate investment trust’s stock, valued at approximately $924,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in AMT. Patriot Financial Group Insurance Agency LLC lifted its position in shares of American Tower by 3.0% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 4,531 shares of the real estate investment trust’s stock valued at $831,000 after acquiring an additional 133 shares during the period. Vantage Investment Partners LLC acquired a new position in American Tower during the fourth quarter worth $11,868,000. Vert Asset Management LLC boosted its position in American Tower by 10.2% during the fourth quarter. Vert Asset Management LLC now owns 102,371 shares of the real estate investment trust’s stock worth $18,776,000 after purchasing an additional 9,511 shares in the last quarter. Slow Capital Inc. grew its holdings in American Tower by 1.7% in the fourth quarter. Slow Capital Inc. now owns 14,417 shares of the real estate investment trust’s stock valued at $2,654,000 after purchasing an additional 239 shares during the last quarter. Finally, Cornell Pochily Investment Advisors Inc. increased its position in shares of American Tower by 7.1% in the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 4,663 shares of the real estate investment trust’s stock valued at $855,000 after buying an additional 311 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on AMT shares. Barclays decreased their price objective on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research report on Tuesday. BMO Capital Markets lowered their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. JMP Securities started coverage on American Tower in a report on Monday. They set an “outperform” rating and a $225.00 target price on the stock. Finally, Scotiabank cut their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $226.23.
Check Out Our Latest Analysis on American Tower
American Tower Stock Performance
NYSE AMT opened at $183.87 on Thursday. The business’s 50-day moving average price is $191.66 and its 200 day moving average price is $210.97. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a market capitalization of $85.92 billion, a PE ratio of 77.58, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84.
American Tower (NYSE:AMT – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the company earned $2.58 earnings per share. The company’s revenue was down 10.5% on a year-over-year basis. On average, research analysts predict that American Tower Co. will post 10.15 earnings per share for the current year.
American Tower Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be issued a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.52%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.
Insider Activity
In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company’s stock.
American Tower Profile
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
See Also
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Co. (NYSE:AMT – Free Report).
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