Hobbs Group Advisors LLC Invests $29,000 in American Tower Co. (NYSE:AMT)

Hobbs Group Advisors LLC purchased a new position in American Tower Co. (NYSE:AMT) during the second quarter, Holdings Channel.com reports. The fund purchased 147 shares of the real estate investment trust’s stock, valued at approximately $29,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in American Tower during the 4th quarter valued at $1,051,898,000. Wellington Management Group LLP raised its holdings in American Tower by 21.9% during the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after acquiring an additional 2,839,570 shares during the period. Principal Financial Group Inc. raised its holdings in American Tower by 36.2% during the 1st quarter. Principal Financial Group Inc. now owns 8,794,776 shares of the real estate investment trust’s stock valued at $1,737,760,000 after acquiring an additional 2,336,501 shares during the period. Edgewood Management LLC raised its holdings in American Tower by 46.2% during the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after acquiring an additional 1,576,683 shares during the period. Finally, Jennison Associates LLC raised its holdings in American Tower by 41.0% during the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after acquiring an additional 1,541,029 shares during the period. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Insiders sold a total of 37,227 shares of company stock worth $8,497,458 over the last three months. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the topic of several research analyst reports. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their price target on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Barclays decreased their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, The Goldman Sachs Group initiated 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. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $231.14.

American Tower Trading Down 0.5 %

NYSE AMT traded down $1.16 during trading on Wednesday, hitting $219.22. 582,829 shares of the company’s stock traded hands, compared to its average volume of 2,347,660. The stock has a fifty day moving average of $208.12 and a two-hundred day moving average of $196.12. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $236.13. The firm has a market cap of $102.39 billion, a P/E ratio of 49.86, a PEG ratio of 1.48 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company earned $2.46 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts expect that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 2.96%. American Tower’s payout ratio is 146.61%.

American Tower 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.