Fiduciary Alliance LLC Invests $246,000 in American Tower Co. (NYSE:AMT)

Fiduciary Alliance LLC acquired a new stake in American Tower Co. (NYSE:AMT) in the second quarter, Holdings Channel reports. The firm acquired 1,282 shares of the real estate investment trust’s stock, valued at approximately $246,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AMT. Northwest Investment Counselors LLC acquired a new stake in American Tower in the first quarter valued at $25,000. Gold Investment Management Ltd. acquired a new stake in shares of American Tower during the 4th quarter worth about $28,000. SOA Wealth Advisors LLC. purchased a new stake in American Tower during the first quarter worth approximately $30,000. Private Wealth Management Group LLC acquired a new position in American Tower in the fourth quarter valued at approximately $31,000. Finally, Rational Advisors LLC purchased a new position in American Tower in the first quarter valued at approximately $35,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AMT shares. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Finally, TD Cowen raised their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Two investment 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’s stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.42.

American Tower Price Performance

AMT traded down $2.13 on Wednesday, hitting $226.03. 3,315,735 shares of the company were exchanged, compared to its average volume of 2,360,306. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $236.13. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81. The firm has a market capitalization of $105.55 billion, a P/E ratio of 51.71, a price-to-earnings-growth ratio of 1.65 and a beta of 0.81. The business’s fifty day moving average is $202.68 and its 200 day moving average is $194.45.

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

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were given a $1.62 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 2.87%. American Tower’s dividend payout ratio is presently 146.61%.

Insider Activity at American Tower

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,227 shares of company stock valued at $8,497,458. Insiders own 0.18% of the company’s stock.

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.