Perigon Wealth Management LLC Acquires 160 Shares of American Tower Co. (NYSE:AMT)

Perigon Wealth Management LLC lifted its holdings in American Tower Co. (NYSE:AMT – Get Rating) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,591 shares of the real estate investment trust’s stock after buying an additional 160 shares during the period. Perigon Wealth Management LLC’s holdings in American Tower were worth $556,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AMT. Vanguard Group Inc. raised its position in American Tower by 0.7% during the third quarter. Vanguard Group Inc. now owns 60,720,664 shares of the real estate investment trust’s stock valued at $13,036,726,000 after purchasing an additional 406,906 shares during the period. State Street Corp boosted its stake in shares of American Tower by 0.5% during the 2nd quarter. State Street Corp now owns 21,350,193 shares of the real estate investment trust’s stock worth $5,486,565,000 after purchasing an additional 96,970 shares during the period. FMR LLC grew its holdings in American Tower by 23.3% during the 2nd quarter. FMR LLC now owns 9,329,088 shares of the real estate investment trust’s stock valued at $2,384,422,000 after purchasing an additional 1,762,240 shares during the last quarter. Dimensional Fund Advisors LP raised its position in American Tower by 1.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,223,809 shares of the real estate investment trust’s stock worth $1,336,250,000 after purchasing an additional 91,188 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in American Tower by 1.8% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,191,334 shares of the real estate investment trust’s stock worth $1,115,635,000 after purchasing an additional 89,868 shares during the last quarter. 89.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AMT. Wells Fargo & Company increased their price target on American Tower from $225.00 to $245.00 in a report on Wednesday, December 14th. Credit Suisse Group decreased their target price on American Tower from $251.00 to $244.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Raymond James cut their price target on shares of American Tower from $233.00 to $227.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of American Tower from $254.00 to $245.00 in a report on Tuesday, March 7th. Finally, Barclays dropped their target price on shares of American Tower from $247.00 to $246.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 8th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $260.31.

American Tower Stock Down 1.8 %

Shares of NYSE AMT opened at $201.35 on Friday. The stock has a market capitalization of $93.76 billion, a PE ratio of 52.44, a price-to-earnings-growth ratio of 2.11 and a beta of 0.56. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 2.75. American Tower Co. has a 12-month low of $178.17 and a 12-month high of $282.47. The stock’s fifty day simple moving average is $212.26 and its two-hundred day simple moving average is $215.78.

American Tower (NYSE:AMT – Get Rating) last issued its quarterly earnings data on Thursday, February 23rd. The real estate investment trust reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of $2.16 by ($3.63). The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.68 billion. American Tower had a net margin of 16.49% and a return on equity of 15.80%. American Tower’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.18 EPS. As a group, analysts expect that American Tower Co. will post 9.24 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Friday, April 14th will be given a dividend of $1.56 per share. The ex-dividend date is Thursday, April 13th. This represents a $6.24 dividend on an annualized basis and a yield of 3.10%. American Tower’s payout ratio is 162.50%.

Insider Buying and Selling at American Tower

In other news, CFO Rodney M. Smith sold 2,035 shares of the company’s stock in a transaction on Monday, January 9th. The stock was sold at an average price of $220.85, for a total transaction of $449,429.75. Following the transaction, the chief financial officer now directly owns 48,645 shares of the company’s stock, valued at $10,743,248.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Rodney M. Smith sold 2,035 shares of the company’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $220.85, for a total transaction of $449,429.75. Following the transaction, the chief financial officer now owns 48,645 shares in the company, valued at $10,743,248.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Rodney M. Smith sold 1,574 shares of the stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $233.92, for a total transaction of $368,190.08. Following the completion of the transaction, the chief financial officer now directly owns 47,071 shares of the company’s stock, valued at $11,010,848.32. The disclosure for this sale can be found here. Insiders sold a total of 8,587 shares of company stock worth $1,947,849 over the last three months. Corporate insiders own 0.24% of the company’s stock.

American Tower Company Profile

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.