American Tower Co. (NYSE:AMT) Holdings Boosted by Summit Financial LLC

Summit Financial LLC raised its stake in shares of American Tower Co. (NYSE:AMT) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,323 shares of the real estate investment trust’s stock after buying an additional 278 shares during the period. Summit Financial LLC’s holdings in American Tower were worth $1,249,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AMT. Alera Investment Advisors LLC raised its holdings in American Tower by 1.3% in the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock valued at $886,000 after acquiring an additional 51 shares in the last quarter. Allstate Corp grew its position in American Tower by 3.1% in the 4th quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 53 shares during the last quarter. First Business Financial Services Inc. grew its position in American Tower by 1.3% in the 3rd quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock valued at $705,000 after buying an additional 55 shares during the last quarter. Northcape Wealth Management LLC grew its position in American Tower by 0.5% in the 3rd quarter. Northcape Wealth Management LLC now owns 10,521 shares of the real estate investment trust’s stock valued at $1,730,000 after buying an additional 56 shares during the last quarter. Finally, Augustine Asset Management Inc. boosted its position in shares of American Tower by 0.8% during the 4th quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock worth $1,531,000 after purchasing an additional 56 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,264 shares of company stock valued at $3,458,757. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on AMT. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. BMO Capital Markets reduced their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Mizuho started coverage on American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. JPMorgan Chase & Co. dropped their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. Finally, Scotiabank dropped their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus target price of $221.91.

American Tower Price Performance

American Tower stock traded down $4.80 on Thursday, reaching $186.54. The company’s stock had a trading volume of 1,768,536 shares, compared to its average volume of 2,431,441. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a market cap of $87.11 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 1.39 and a beta of 0.71. The business’s fifty day moving average price is $185.52 and its 200 day moving average price is $196.09.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the company posted $2.54 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts expect that American Tower Co. will post 9.96 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.47%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.