Elwood & Goetz Wealth Advisory Group LLC Purchases New Position in American Tower Co. (NYSE:AMT)

Elwood & Goetz Wealth Advisory Group LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,066 shares of the real estate investment trust’s stock, valued at approximately $248,000.

Several other institutional investors have also modified their holdings of AMT. BayBridge Capital Group LLC purchased a new stake in American Tower in the third quarter valued at $1,197,000. Lake Street Advisors Group LLC increased its position in shares of American Tower by 1.5% during the third quarter. Lake Street Advisors Group LLC now owns 10,315 shares of the real estate investment trust’s stock worth $2,399,000 after purchasing an additional 148 shares in the last quarter. West Wealth Group LLC acquired a new stake in shares of American Tower during the third quarter worth about $205,000. Canal Capital Management LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at about $202,000. Finally, Ballentine Partners LLC grew its stake in American Tower by 8.1% during the 3rd quarter. Ballentine Partners LLC now owns 10,026 shares of the real estate investment trust’s stock worth $2,332,000 after buying an additional 747 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMT. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Scotiabank raised their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Finally, Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average price target of $237.92.

Insider Activity

In related news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Down 1.4 %

AMT opened at $222.74 on Friday. The business has a 50 day simple moving average of $228.80 and a 200-day simple moving average of $207.56. American Tower Co. has a 12 month low of $162.55 and a 12 month high of $243.56. The stock has a market capitalization of $104.01 billion, a P/E ratio of 50.39, a P/E/G ratio of 1.08 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $2.46 EPS. On average, equities analysts anticipate that American Tower Co. will post 10.12 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 2.91%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

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.