Miracle Mile Advisors LLC Increases Stock Position in American Tower Co. (NYSE:AMT)

Miracle Mile Advisors LLC boosted its holdings in American Tower Co. (NYSE:AMTFree Report) by 8.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,248 shares of the real estate investment trust’s stock after buying an additional 251 shares during the period. Miracle Mile Advisors LLC’s holdings in American Tower were worth $701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMT. BCK Partners Inc. bought a new position in American Tower in the 1st quarter worth about $2,892,000. Fairfield Bush & CO. boosted its position in American Tower by 138.9% during the 1st quarter. Fairfield Bush & CO. now owns 2,829 shares of the real estate investment trust’s stock valued at $711,000 after acquiring an additional 1,645 shares in the last quarter. Cetera Investment Advisers grew its stake in American Tower by 5.7% in the first quarter. Cetera Investment Advisers now owns 14,413 shares of the real estate investment trust’s stock worth $3,621,000 after purchasing an additional 771 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of American Tower by 33.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,015 shares of the real estate investment trust’s stock worth $757,000 after acquiring an additional 756 shares in the last quarter. Finally, Loomis Sayles & Co. L P increased its stake in shares of American Tower by 1.4% during the first quarter. Loomis Sayles & Co. L P now owns 152,723 shares of the real estate investment trust’s stock valued at $38,367,000 after purchasing an additional 2,071 shares in the last quarter. Institutional investors own 92.69% 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 report on Friday, March 1st. BMO Capital Markets cut their price target on American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Barclays raised their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. dropped their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. Finally, HSBC began coverage on shares of American Tower in a research note on Thursday, December 14th. They set a “buy” rating and a $245.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $215.90.

Check Out Our Latest Research Report on American Tower

American Tower Stock Performance

AMT opened at $192.18 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The firm’s fifty day simple moving average is $195.73 and its two-hundred day simple moving average is $192.53. The company has a market cap of $89.62 billion, a price-to-earnings ratio of 60.43, a PEG ratio of 1.34 and a beta of 0.67. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMTGet Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 EPS. Equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.37%. American Tower’s payout ratio is 213.84%.

Insider Activity at American Tower

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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.

About American Tower

(Free Report)

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.

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

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