Mainsail Financial Group LLC Invests $250,000 in American Tower Co. (NYSE:AMT)

Mainsail Financial Group LLC bought a new position in shares of American Tower Co. (NYSE:AMT) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,263 shares of the real estate investment trust’s stock, valued at approximately $250,000.

Several other hedge funds also recently made changes to their positions in AMT. Lazard Asset Management LLC grew its stake in shares of American Tower by 1,760.5% during the third quarter. Lazard Asset Management LLC now owns 98,176 shares of the real estate investment trust’s stock worth $16,144,000 after buying an additional 92,899 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of American Tower by 3.3% during the third quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock worth $26,102,000 after purchasing an additional 5,045 shares during the period. Truist Financial Corp lifted its holdings in American Tower by 20.0% in the third quarter. Truist Financial Corp now owns 212,844 shares of the real estate investment trust’s stock valued at $35,002,000 after buying an additional 35,444 shares during the period. Axxcess Wealth Management LLC lifted its holdings in American Tower by 196.6% in the third quarter. Axxcess Wealth Management LLC now owns 7,199 shares of the real estate investment trust’s stock valued at $1,184,000 after buying an additional 4,772 shares during the period. Finally, Evergreen Capital Management LLC lifted its holdings in American Tower by 49.3% in the third quarter. Evergreen Capital Management LLC now owns 2,148 shares of the real estate investment trust’s stock valued at $353,000 after buying an additional 709 shares during the period. 92.69% of the stock is owned by institutional investors.

American Tower Stock Up 1.3 %

AMT opened at $194.79 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock has a market cap of $90.96 billion, a price-to-earnings ratio of 44.07, a PEG ratio of 1.37 and a beta of 0.81. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The company’s 50-day moving average price is $189.02 and its two-hundred day moving average price is $194.69.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The company 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.54 earnings per share. As a group, equities analysts expect that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Friday, June 14th. American Tower’s payout ratio is currently 146.61%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AMT. Barclays dropped their price objective on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. BMO Capital Markets dropped their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. The Goldman Sachs Group started coverage on shares of American Tower in a research report on Monday. They set a “buy” rating and a $230.00 target price for the company. Finally, Morgan Stanley upped their price objective on shares of 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 analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus target price of $221.67.

Insider Activity at American Tower

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

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.