Sound Income Strategies LLC Raises Stock Holdings in American Tower Co. (NYSE:AMT)

Sound Income Strategies LLC grew its holdings in shares of American Tower Co. (NYSE:AMT) by 15.0% during the first quarter, Holdings Channel reports. The firm owned 882 shares of the real estate investment trust’s stock after purchasing an additional 115 shares during the quarter. Sound Income Strategies LLC’s holdings in American Tower were worth $174,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of AMT. Cross Staff Investments Inc increased its stake in American Tower by 5.1% in the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 244 shares during the last quarter. Gateway Investment Advisers LLC grew its position in shares of 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 worth $7,718,000 after acquiring an additional 13,074 shares during the last quarter. Anchor Capital Advisors LLC grew its position in shares of 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 worth $16,542,000 after acquiring an additional 21,139 shares during the last quarter. Meyer Handelman Co. purchased a new position in shares of American Tower during the first quarter worth approximately $801,000. Finally, TD Asset Management Inc grew its position in shares of American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after acquiring an additional 51,882 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AMT shares. BMO Capital Markets decreased their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Barclays decreased their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. JPMorgan Chase & Co. decreased their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $220.91.

Insider Activity at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of the 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 owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Sanjay Goel sold 3,504 shares of the 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 owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

American Tower Stock Performance

Shares of NYSE AMT traded down $0.01 during trading on Wednesday, reaching $192.67. The stock had a trading volume of 1,734,104 shares, compared to its average volume of 2,429,020. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. 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 stock has a market cap of $89.97 billion, a PE ratio of 43.59, a P/E/G ratio of 1.37 and a beta of 0.79. The firm’s 50 day moving average price is $186.86 and its two-hundred day moving average price is $195.23.

American Tower (NYSE:AMT) last released its quarterly earnings results 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 business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the previous year, the company posted $2.54 EPS. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, research analysts forecast that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

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.