SPC Financial Inc. Purchases 231 Shares of American Tower Co. (NYSE:AMT)

SPC Financial Inc. raised its position in American Tower Co. (NYSE:AMT) by 12.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,090 shares of the real estate investment trust’s stock after purchasing an additional 231 shares during the period. SPC Financial Inc.’s holdings in American Tower were worth $413,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of American Tower by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 60,930,583 shares of the real estate investment trust’s stock valued at $10,020,034,000 after buying an additional 196,942 shares in the last quarter. Cohen & Steers Inc. raised its position in American Tower by 3.7% in the 4th quarter. Cohen & Steers Inc. now owns 16,440,715 shares of the real estate investment trust’s stock worth $3,549,366,000 after purchasing an additional 583,892 shares during the period. Wellington Management Group LLP raised its position in American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares during the period. Principal Financial Group Inc. raised its position in American Tower by 36.2% in the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock worth $1,737,760,000 after purchasing an additional 2,336,501 shares during the period. Finally, Akre Capital Management LLC raised its position in American Tower by 0.5% in the 4th quarter. Akre Capital Management LLC now owns 6,804,599 shares of the real estate investment trust’s stock worth $1,468,977,000 after purchasing an additional 36,375 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on AMT. Barclays decreased their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. BMO Capital Markets decreased their target price on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Scotiabank cut their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group started coverage on shares of American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 price target on the stock. Finally, Mizuho started coverage on shares of American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $221.67.

American Tower Trading Up 0.6 %

NYSE:AMT opened at $208.47 on Friday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $97.35 billion, a P/E ratio of 46.88, a PEG ratio of 1.40 and a beta of 0.81. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. The company’s 50-day simple moving average is $192.22 and its 200 day simple moving average is $194.20.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm posted $2.54 earnings per share. As a group, analysts forecast that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be issued a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.11%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

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.