American Tower Co. (NYSE:AMT) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC grew its stake in American Tower Co. (NYSE:AMT) by 29.4% during the 1st quarter, Holdings Channel reports. The fund owned 15,518 shares of the real estate investment trust’s stock after acquiring an additional 3,522 shares during the period. Procyon Advisors LLC’s holdings in American Tower were worth $3,066,000 at the end of the most recent reporting period.

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

American Tower Stock Up 1.4 %

Shares of AMT stock traded up $2.65 during trading hours on Thursday, reaching $195.32. The company had a trading volume of 1,534,467 shares, 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 twelve month low of $154.58 and a twelve month high of $219.10. The company has a market capitalization of $91.21 billion, a P/E ratio of 43.86, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. The stock’s fifty day simple moving average is $187.27 and its 200 day simple moving average is $195.21.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the business posted $2.54 EPS. American Tower’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, sell-side analysts expect that American Tower Co. will post 10.03 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Insider Activity

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other American Tower news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of several recent analyst reports. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. BMO Capital Markets reduced their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Mizuho initiated coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Finally, Morgan Stanley increased their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Three investment 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $220.91.

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.