Mission Wealth Management LP acquired a new position in shares of American Tower Corp (NYSE:AMT) in the first quarter, HoldingsChannel reports. The institutional investor acquired 1,139 shares of the real estate investment trust’s stock, valued at approximately $224,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Canton Hathaway LLC acquired a new position in American Tower in the 1st quarter valued at approximately $26,000. Acima Private Wealth LLC bought a new stake in shares of American Tower in the 4th quarter valued at $27,000. WESPAC Advisors SoCal LLC bought a new stake in shares of American Tower in the 4th quarter valued at $27,000. Cable Hill Partners LLC boosted its stake in shares of American Tower by 61.9% in the 1st quarter. Cable Hill Partners LLC now owns 136 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, Spectrum Management Group Inc. bought a new stake in shares of American Tower in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 94.33% of the company’s stock.
In other American Tower news, Chairman James D. Taiclet, Jr. sold 57,439 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $194.31, for a total value of $11,160,972.09. Following the transaction, the chairman now directly owns 255,415 shares of the company’s stock, valued at $49,629,688.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Joseph Meyer, Jr. sold 44,168 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $198.33, for a total transaction of $8,759,839.44. Following the completion of the transaction, the senior vice president now directly owns 54,460 shares in the company, valued at $10,801,051.80. The disclosure for this sale can be found here. Insiders sold 259,065 shares of company stock worth $51,423,854 over the last ninety days. Insiders own 0.75% of the company’s stock.
AMT has been the topic of a number of analyst reports. Morgan Stanley upped their price objective on shares of American Tower from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Monday, March 11th. Citigroup upped their price objective on shares of American Tower from $176.00 to $186.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Edward Jones lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. KeyCorp increased their target price on shares of American Tower from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Finally, Oppenheimer lowered shares of American Tower from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 28th. Thirteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $183.82.
American Tower stock opened at $211.23 on Friday. American Tower Corp has a 1-year low of $136.74 and a 1-year high of $214.52. The firm has a market capitalization of $93.37 billion, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 1.72 and a beta of 0.54. The company has a debt-to-equity ratio of 4.31, a quick ratio of 0.50 and a current ratio of 0.50.
American Tower (NYSE:AMT) last released its quarterly earnings data on Friday, May 3rd. The real estate investment trust reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.04. American Tower had a net margin of 17.95% and a return on equity of 22.61%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the firm earned $0.63 earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts predict that American Tower Corp will post 7.52 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, June 19th will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from American Tower’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Tuesday, June 18th. American Tower’s dividend payout ratio (DPR) is 45.06%.
TRADEMARK VIOLATION NOTICE: This piece was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece on another site, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2019/06/16/mission-wealth-management-lp-takes-224000-position-in-american-tower-corp-nyseamt.html.
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 171,000 communications sites.
Featured Article: How Investors Use a Balance Sheet
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 Corp (NYSE:AMT).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.