Allworth Financial LP Acquires 5,263 Shares of American Tower Co. (NYSE:AMT)

Allworth Financial LP raised its holdings in shares of American Tower Co. (NYSE:AMTGet Rating) by 263.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,260 shares of the real estate investment trust’s stock after acquiring an additional 5,263 shares during the quarter. Allworth Financial LP’s holdings in American Tower were worth $1,856,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Holdings LLC bought a new stake in American Tower during the first quarter valued at about $29,000. Financial Management Professionals Inc. raised its holdings in American Tower by 63.5% during the second quarter. Financial Management Professionals Inc. now owns 121 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 47 shares during the period. Rational Advisors LLC raised its holdings in American Tower by 70.2% during the first quarter. Rational Advisors LLC now owns 143 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 59 shares during the period. IAG Wealth Partners LLC raised its holdings in American Tower by 84.5% during the fourth quarter. IAG Wealth Partners LLC now owns 131 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 60 shares during the period. Finally, MCF Advisors LLC bought a new stake in shares of American Tower in the first quarter worth about $38,000. 91.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AMT shares. Deutsche Bank Aktiengesellschaft lifted their target price on American Tower from $260.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Jefferies Financial Group reduced their target price on American Tower from $308.00 to $293.00 and set a “buy” rating on the stock in a report on Thursday, June 30th. Royal Bank of Canada lifted their target price on American Tower from $282.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 4th. Citigroup reduced their target price on American Tower from $300.00 to $290.00 and set a “buy” rating on the stock in a report on Monday, July 18th. Finally, KeyCorp lifted their target price on American Tower from $283.00 to $300.00 and gave the stock an “overweight” rating in a report on Tuesday, August 2nd. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $291.29.

Insider Activity

In other news, Director Robert D. Hormats sold 150 shares of American Tower stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $254.53, for a total transaction of $38,179.50. Following the completion of the sale, the director now owns 6,571 shares of the company’s stock, valued at $1,672,516.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.24% of the company’s stock.

American Tower Stock Down 0.6 %

Shares of NYSE:AMT opened at $232.78 on Friday. American Tower Co. has a 1 year low of $220.00 and a 1 year high of $294.40. The business has a 50 day simple moving average of $261.27 and a two-hundred day simple moving average of $253.48. The firm has a market capitalization of $108.38 billion, a PE ratio of 38.29, a price-to-earnings-growth ratio of 2.13 and a beta of 0.48. The company has a debt-to-equity ratio of 3.47, a current ratio of 0.65 and a quick ratio of 0.65.

American Tower (NYSE:AMTGet Rating) last announced its earnings results on Thursday, July 28th. The real estate investment trust reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.99. American Tower had a return on equity of 28.93% and a net margin of 27.23%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. The company’s revenue for the quarter was up 16.3% compared to the same quarter last year. On average, equities analysts predict that American Tower Co. will post 9.49 EPS for the current year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Tuesday, October 11th will be paid a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 2.53%. This is an increase from American Tower’s previous quarterly dividend of $1.43. American Tower’s payout ratio is currently 94.08%.

American Tower Profile

(Get Rating)

American Tower Corporation, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. For more information about American Tower, please visit the Earnings Materials and Investor Presentations sections of our investor relations website at www.americantower.com.

Further Reading

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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