Wealthcare Advisory Partners LLC purchased a new position in shares of American Tower Co. (REIT) (NYSE:AMT) during the first quarter, HoldingsChannel.com reports. The fund purchased 326 shares of the real estate investment trust’s stock, valued at approximately $78,000.
Several other hedge funds have also modified their holdings of AMT. RWM Asset Management LLC purchased a new stake in American Tower during the 4th quarter valued at about $25,000. McClarren Financial Advisors Inc. acquired a new stake in shares of American Tower during the fourth quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the first quarter worth about $27,000. ForthRight Wealth Management LLC acquired a new stake in shares of American Tower during the fourth quarter worth about $28,000. Finally, Vantage Consulting Group Inc acquired a new stake in shares of American Tower during the fourth quarter worth about $28,000. 89.97% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the company. Royal Bank of Canada boosted their price target on American Tower from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Wednesday, May 5th. They noted that the move was a valuation call. Credit Suisse Group boosted their price target on American Tower from $296.00 to $297.00 and gave the company an “outperform” rating in a report on Thursday, May 6th. Jefferies Financial Group started coverage on American Tower in a report on Monday, April 19th. They issued a “buy” rating and a $278.00 price target for the company. Morgan Stanley upped their target price on American Tower from $248.00 to $262.00 and gave the stock an “equal weight” rating in a research note on Monday, April 26th. Finally, Wolfe Research started coverage on American Tower in a research note on Thursday, March 18th. They set an “outperform” rating for the company. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $275.83.
American Tower (NYSE:AMT) last issued its earnings results on Wednesday, April 28th. The real estate investment trust reported $1.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.25 by ($0.80). American Tower had a net margin of 24.08% and a return on equity of 42.42%. As a group, sell-side analysts predict that American Tower Co. will post 8.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, April 29th. Shareholders of record on Tuesday, April 13th were issued a $1.24 dividend. This is a boost from American Tower’s previous quarterly dividend of $1.21. This represents a $4.96 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Monday, April 12th. American Tower’s dividend payout ratio is presently 64.17%.
In other news, EVP Olivier Puech sold 3,268 shares of the stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $220.00, for a total transaction of $718,960.00. Following the completion of the transaction, the executive vice president now directly owns 19,531 shares in the company, valued at approximately $4,296,820. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Amit Sharma sold 40,276 shares of the stock in a transaction on Monday, May 10th. The stock was sold at an average price of $248.48, for a total value of $10,007,780.48. Following the transaction, the chief executive officer now owns 259,622 shares of the company’s stock, valued at $64,510,874.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,201 shares of company stock valued at $15,374,386. 0.65% of the stock is owned by company insiders.
American Tower Company 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 approximately 181,000 communications sites.
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