Family Legacy Inc. Raises Stock Position in American Tower Co. (NYSE:AMT)

Family Legacy Inc. boosted its stake in shares of American Tower Co. (NYSE:AMT) by 10.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,565 shares of the real estate investment trust’s stock after purchasing an additional 143 shares during the period. Family Legacy Inc.’s holdings in American Tower were worth $280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Roxbury Financial LLC purchased a new stake in shares of American Tower in the fourth quarter valued at approximately $32,000. Graney & King LLC purchased a new position in American Tower during the fourth quarter valued at $32,000. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower in the third quarter valued at about $34,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Tower during the fourth quarter worth about $37,000. Finally, Bank of Jackson Hole Trust purchased a new stake in shares of American Tower during the fourth quarter worth about $46,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on AMT shares. BMO Capital Markets lifted their price objective on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Morgan Stanley decreased their price objective on American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a report on Monday, February 24th. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Finally, Wells Fargo & Company raised American Tower from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $210.00 to $230.00 in a report on Monday, March 17th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $229.43.

American Tower Stock Performance

NYSE AMT opened at $215.52 on Monday. The company has a market cap of $100.74 billion, a P/E ratio of 90.94, a P/E/G ratio of 1.29 and a beta of 0.85. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a 50-day moving average of $198.89 and a two-hundred day moving average of $204.34.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.29 earnings per share. As a group, analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be given a dividend of $1.70 per share. The ex-dividend date is Friday, April 11th. This is an increase from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.16%. American Tower’s payout ratio is currently 141.37%.

About American Tower

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.