Hennion & Walsh Asset Management Inc. boosted its stake in American Tower Co. (NYSE:AMT – Free Report) by 11.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,070 shares of the real estate investment trust’s stock after buying an additional 305 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in American Tower were worth $563,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Fortitude Family Office LLC lifted its stake in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC bought a new stake in American Tower in the second quarter worth approximately $27,000. Northwest Investment Counselors LLC bought a new position in shares of American Tower during the 3rd quarter worth approximately $30,000. Hara Capital LLC acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $31,000. Finally, Legacy Investment Solutions LLC bought a new position in American Tower during the third quarter worth $34,000. 92.69% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on AMT. Scotiabank dropped their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Barclays dropped their price target on American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Finally, Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $230.67.
American Tower Trading Up 0.2 %
NYSE:AMT opened at $190.51 on Tuesday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The firm has a 50-day moving average price of $192.86 and a two-hundred day moving average price of $211.54. The firm has a market cap of $89.02 billion, a price-to-earnings ratio of 80.39, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.
American Tower (NYSE:AMT – Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.58 earnings per share. On average, equities analysts expect that American Tower Co. will post 10.15 earnings per share for the current fiscal year.
American Tower Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.
Insider Buying and Selling
In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is currently owned by corporate insiders.
American Tower Company 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.
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