US Asset Management LLC Acquires Shares of 3,814 American Tower Co. (NYSE:AMT)

US Asset Management LLC bought a new position in American Tower Co. (NYSE:AMT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,814 shares of the real estate investment trust’s stock, valued at approximately $823,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Cross Staff Investments Inc increased its holdings in American Tower by 5.1% in the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares in the last quarter. Gateway Investment Advisers LLC boosted its holdings in American Tower by 57.7% in the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock worth $7,718,000 after buying an additional 13,074 shares during the period. Anchor Capital Advisors LLC increased its stake in American Tower by 38.1% in the 4th quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after buying an additional 21,139 shares in the last quarter. Victory Capital Management Inc. raised 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 acquiring an additional 806 shares during the period. Finally, FAS Wealth Partners Inc. purchased a new position in shares of American Tower in the fourth quarter valued at about $2,001,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

American Tower stock traded down $2.33 during midday trading on Friday, hitting $184.04. 848,063 shares of the company’s stock were exchanged, compared to its average volume of 2,446,402. American Tower Co. has a 12-month low of $154.58 and a 12-month 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 $85.83 billion, a price-to-earnings ratio of 41.72, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The firm’s 50 day simple moving average is $188.37 and its 200 day simple moving average is $194.93.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 EPS. Equities research analysts predict that American Tower Co. will post 9.96 EPS for the current year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s payout ratio is 146.61%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Mizuho started coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Scotiabank dropped 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 report on Wednesday, May 1st. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $226.00 to $248.00 in a research note on Wednesday, May 1st. Finally, Barclays lifted their price objective on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, American Tower currently has an average rating of “Moderate Buy” and an average target price of $221.91.

Insider Activity

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s 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 sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction, the director now 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 accessible 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 transaction of $128,450.00. Following the transaction, 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. Insiders have sold a total of 17,264 shares of company stock valued at $3,458,757 over the last quarter. Corporate 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.