Assetmark Inc. Increases Stock Position in American Tower Co. (NYSE:AMT)

Assetmark Inc. increased its position in shares of American Tower Co. (NYSE:AMT) by 28.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,814 shares of the real estate investment trust’s stock after buying an additional 2,196 shares during the period. Assetmark Inc.’s holdings in American Tower were worth $2,119,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Cross Staff Investments Inc boosted its holdings in American Tower by 5.1% during the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after buying an additional 244 shares in the last quarter. Gateway Investment Advisers LLC lifted its holdings in American Tower by 57.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after purchasing an additional 13,074 shares in the last quarter. Anchor Capital Advisors LLC lifted its holdings in American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock valued at $16,542,000 after purchasing an additional 21,139 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in American Tower by 0.5% during the third quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock valued at $29,155,000 after purchasing an additional 806 shares in the last quarter. Finally, FAS Wealth Partners Inc. purchased a new position in American Tower during the fourth quarter valued at $2,001,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

American Tower stock opened at $185.93 on Friday. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10. The stock has a market cap of $86.83 billion, a P/E ratio of 42.07, a PEG ratio of 1.33 and a beta of 0.71. The company has a 50-day moving average price of $185.29 and a 200 day moving average price of $196.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the business posted $2.54 earnings per share. American Tower’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts anticipate that American Tower Co. will post 10 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is presently 146.61%.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. BMO Capital Markets decreased their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Morgan Stanley raised their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Finally, Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.91.

Insider Buying and Selling 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 shares were 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 in the company, valued at $3,532,080.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of American Tower 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 in the company, valued at $12,953,352.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The disclosure for this sale can be found here. Insiders sold a total of 17,264 shares of company stock worth $3,458,757 over the last three months. Insiders own 0.18% of the company’s stock.

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.