NewEdge Advisors LLC Boosts Stake in American Tower Co. (NYSE:AMT)

NewEdge Advisors LLC increased its position in American Tower Co. (NYSE:AMT) by 23.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 237,043 shares of the real estate investment trust’s stock after purchasing an additional 44,394 shares during the quarter. NewEdge Advisors LLC owned approximately 0.05% of American Tower worth $46,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Meyer Handelman Co. bought a new position in shares of American Tower in the 1st quarter worth about $801,000. Kingsview Wealth Management LLC grew its stake in shares of American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock worth $7,613,000 after buying an additional 4,660 shares during the last quarter. Tidal Investments LLC increased its position in American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after buying an additional 4,430 shares in the last quarter. Cetera Advisors LLC raised its stake in American Tower by 29.0% during the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after buying an additional 9,275 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in American Tower by 5.3% in the first quarter. Nordea Investment Management AB now owns 871,635 shares of the real estate investment trust’s stock worth $172,061,000 after acquiring an additional 43,531 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

Shares of NYSE AMT opened at $230.32 on Friday. 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 1 year low of $154.58 and a 1 year high of $243.56. The firm has a fifty day moving average price of $226.93 and a 200-day moving average price of $203.41. The stock has a market cap of $107.55 billion, a PE ratio of 52.11, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.46 earnings per share. Equities analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.81%. American Tower’s dividend payout ratio is 146.61%.

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,723 shares of company stock worth $7,795,397. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Royal Bank of Canada boosted their price objective on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Scotiabank upped their price target on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company increased their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $234.00.

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.