Rialto Wealth Management LLC Makes New $103,000 Investment in American Tower Co. (NYSE:AMT)

Rialto Wealth Management LLC purchased a new stake in American Tower Co. (NYSE:AMT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 560 shares of the real estate investment trust’s stock, valued at approximately $103,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its position in shares of American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the period. Adelante Capital Management LLC grew its stake in American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after acquiring an additional 1,160,890 shares in the last quarter. Raymond James Financial Inc. bought a new stake in American Tower during the 4th quarter worth approximately $193,246,000. State Street Corp lifted its stake in American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock worth $4,924,091,000 after purchasing an additional 635,726 shares in the last quarter. Finally, KBC Group NV boosted its holdings in American Tower by 270.4% in the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock valued at $108,553,000 after purchasing an additional 340,742 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

American Tower Stock Up 2.7 %

AMT opened at $212.49 on Friday. The company has a market cap of $99.29 billion, a P/E ratio of 89.66, a P/E/G ratio of 1.29 and a beta of 0.85. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The business’s 50-day moving average price is $189.60 and its 200-day moving average price is $206.30. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the previous year, the company posted $2.29 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. On average, equities analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio (DPR) is 134.72%.

Analyst Upgrades and Downgrades

AMT has been the topic of several research analyst reports. The Goldman Sachs Group decreased their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. JMP Securities began coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target on the stock. Citizens Jmp raised American Tower to a “strong-buy” rating in a report on Monday, January 27th. Morgan Stanley decreased their price objective on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research report on Monday, February 24th. Finally, Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.21.

American Tower 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.