Hobbs Group Advisors LLC Makes New $29,000 Investment in American Tower Co. (NYSE:AMT)

Hobbs Group Advisors LLC purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 147 shares of the real estate investment trust’s stock, valued at approximately $29,000.

Other hedge funds have also made changes to their positions in the company. Allstate Corp grew its holdings in shares of American Tower by 3.1% during the fourth quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 53 shares in the last quarter. McIlrath & Eck LLC boosted 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 acquiring an additional 56 shares during the period. Glassman Wealth Services boosted its position in American Tower by 4.7% during the 4th quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock worth $268,000 after acquiring an additional 56 shares during the period. CFO4Life Group LLC boosted its position in American Tower by 5.4% during the 1st quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after acquiring an additional 57 shares during the period. Finally, Choreo LLC boosted its position in American Tower by 1.4% during the 4th quarter. Choreo LLC now owns 4,269 shares of the real estate investment trust’s stock worth $922,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the subject of a number of research reports. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Barclays cut their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Scotiabank raised their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. Finally, TD Cowen raised their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Transactions at American Tower

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction 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 $5,692,828.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,227 shares of company stock valued at $8,497,458. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Performance

NYSE AMT traded down $1.16 during trading on Wednesday, hitting $219.22. The company’s stock had a trading volume of 582,829 shares, compared to its average volume of 2,347,660. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The firm has a 50 day moving average price of $208.12 and a 200 day moving average price of $196.12. The firm has a market cap of $102.39 billion, a P/E ratio of 49.86, a price-to-earnings-growth ratio of 1.48 and a beta of 0.81. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $236.13.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Friday, June 14th. American Tower’s payout ratio is presently 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.