Insight Wealth Strategies LLC Increases Stake in American Tower Co. (NYSE:AMT)

Insight Wealth Strategies LLC lifted its stake in shares of American Tower Co. (NYSE:AMT) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,923 shares of the real estate investment trust’s stock after acquiring an additional 743 shares during the period. Insight Wealth Strategies LLC’s holdings in American Tower were worth $1,961,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Alera Investment Advisors LLC lifted its holdings in shares of American Tower by 1.3% during the 4th quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after acquiring an additional 51 shares during the period. Allstate Corp increased its position in American Tower by 3.1% during the 4th quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock worth $378,000 after purchasing an additional 53 shares in the last quarter. First Business Financial Services Inc. increased its position in American Tower by 1.3% during the 3rd quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock worth $705,000 after purchasing an additional 55 shares in the last quarter. Augustine Asset Management Inc. increased its position in American Tower by 0.8% during the 4th quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock worth $1,531,000 after purchasing an additional 56 shares in the last quarter. Finally, McIlrath & Eck LLC increased its position in American Tower by 13.9% during the 4th quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 56 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AMT. Mizuho began coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Morgan Stanley increased their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Finally, Scotiabank lowered their price objective on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $220.91.

Insider Activity at American Tower

In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.3 %

Shares of AMT stock traded up $0.50 during mid-day trading on Wednesday, reaching $192.78. 2,407,868 shares of the company were exchanged, compared to its average volume of 2,288,610. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $90.02 billion, a P/E ratio of 43.61, a P/E/G ratio of 1.37 and a beta of 0.79. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The business’s 50 day simple moving average is $185.24 and its 200 day simple moving average is $195.77.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm earned $2.54 earnings per share. American Tower’s revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts predict that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio is currently 146.61%.

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.