Procyon Advisors LLC Grows Holdings in American Tower Co. (NYSE:AMT)

Procyon Advisors LLC lifted its holdings in American Tower Co. (NYSE:AMT) by 29.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,518 shares of the real estate investment trust’s stock after buying an additional 3,522 shares during the quarter. Procyon Advisors LLC’s holdings in American Tower were worth $3,066,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower in the 1st quarter worth about $25,000. Gold Investment Management Ltd. purchased a new stake in American Tower during the 4th quarter valued at about $28,000. Thompson Investment Management Inc. purchased a new stake in American Tower during the 4th quarter valued at about $29,000. Private Wealth Management Group LLC purchased a new stake in American Tower during the 4th quarter valued at about $31,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in American Tower during the 1st quarter valued at about $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

AMT traded up $2.65 during trading on Thursday, reaching $195.32. 1,534,467 shares of the company traded hands, compared to its average volume of 2,422,274. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10. The firm has a fifty day simple moving average of $187.27 and a 200 day simple moving average of $195.21. The company has a market cap of $91.21 billion, a P/E ratio of 43.86, a PEG ratio of 1.37 and a beta of 0.79.

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

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Analyst Upgrades and Downgrades

Several analysts recently commented on AMT shares. 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 raised their price target on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Scotiabank dropped their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Barclays dropped their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, 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 target on the stock. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.91.

Insider Activity at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of 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 legal filing with the SEC, which is available at the SEC website. In other American Tower news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by 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.