Wallace Advisory Group LLC Makes New $550,000 Investment in American Tower Co. (NYSE:AMT)

Wallace Advisory Group LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,831 shares of the real estate investment trust’s stock, valued at approximately $550,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in American Tower during the 1st quarter worth approximately $25,000. Cultivar Capital Inc. purchased a new position in shares of American Tower during the second quarter valued at approximately $25,000. Fairscale Capital LLC bought a new stake in American Tower during the second quarter worth $27,000. Hobbs Group Advisors LLC purchased a new stake in American Tower in the 2nd quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. bought a new position in American Tower during the 1st quarter valued at $30,000. 92.69% of the stock is owned by institutional investors.

Insider Activity at American Tower

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,723 shares of company stock valued at $7,795,397. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $230.32 on Monday. The company’s 50 day moving average is $226.93 and its 200-day moving average is $203.42. The firm has a market cap of $107.55 billion, a P/E ratio of 52.11, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share 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 company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter last year, the firm posted $2.46 earnings per share. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a $1.62 dividend. The ex-dividend date of this dividend 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 (DPR) is currently 146.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on AMT shares. The Goldman Sachs Group initiated coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Scotiabank increased their price target on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

About American Tower

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.