Laurel Wealth Advisors Inc. raised its stake in shares of American Tower Co. (NYSE:AMT) by 66.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,465 shares of the real estate investment trust’s stock after acquiring an additional 987 shares during the quarter. Laurel Wealth Advisors Inc.’s holdings in American Tower were worth $351,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in AMT. Belpointe Asset Management LLC boosted its position in shares of American Tower by 30.0% in the 4th quarter. Belpointe Asset Management LLC now owns 5,877 shares of the real estate investment trust’s stock worth $838,000 after purchasing an additional 1,356 shares in the last quarter. Hoylecohen LLC purchased a new position in American Tower in the 4th quarter worth $3,709,000. Biltmore Family Office LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $390,000. LPL Financial LLC raised its stake in shares of American Tower by 10.0% during the 4th quarter. LPL Financial LLC now owns 36,747 shares of the real estate investment trust’s stock valued at $5,243,000 after buying an additional 3,354 shares during the last quarter. Finally, Crestline Management LP purchased a new position in shares of American Tower during the 4th quarter valued at about $4,637,000. 89.96% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on the company. Oppenheimer raised their target price on American Tower from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, December 20th. Morgan Stanley reiterated an “overweight” rating and issued a $172.00 price objective on shares of American Tower in a report on Wednesday, December 13th. KeyCorp set a $171.00 target price on American Tower and gave the stock a “buy” rating in a report on Tuesday, February 27th. Citigroup lowered their target price on American Tower from $162.00 to $161.00 and set a “buy” rating on the stock in a report on Tuesday, March 27th. Finally, Zacks Investment Research lowered shares of American Tower from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $158.57.
In related news, Director Joann A. Reed sold 845 shares of the firm’s stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $146.83, for a total transaction of $124,071.35. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP William H. Hess sold 28,291 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $145.28, for a total transaction of $4,110,116.48. Following the sale, the executive vice president now owns 92,721 shares in the company, valued at approximately $13,470,506.88. The disclosure for this sale can be found here. Insiders sold 32,636 shares of company stock worth $4,746,448 over the last quarter. Company insiders own 0.86% of the company’s stock.
Shares of NYSE:AMT opened at $142.16 on Monday. The stock has a market capitalization of $62,671.38, a PE ratio of 22.28, a price-to-earnings-growth ratio of 1.60 and a beta of 0.78. American Tower Co. has a one year low of $121.57 and a one year high of $155.28. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.25 and a quick ratio of 1.25.
American Tower (NYSE:AMT) last issued its earnings results on Tuesday, February 27th. The real estate investment trust reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.04). The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.69 billion. American Tower had a net margin of 18.31% and a return on equity of 17.20%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $1.52 earnings per share. sell-side analysts predict that American Tower Co. will post 7.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Wednesday, April 11th will be given a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, April 10th. This is a positive change from American Tower’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a dividend yield of 2.11%. American Tower’s dividend payout ratio is currently 43.89%.
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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 over 150,000 communications sites. For more information about American Tower, please visit the ?Earnings Materials? and ?Company & Industry Resources? sections of our investor relations website at www.americantower.com.
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