American Tower Co. (NYSE:AMT) Shares Bought by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI boosted its holdings in shares of American Tower Co. (NYSE:AMT) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,973 shares of the real estate investment trust’s stock after purchasing an additional 160 shares during the period. Parsons Capital Management Inc. RI’s holdings in American Tower were worth $6,604,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Fortis Capital Advisors LLC purchased a new position in shares of American Tower in the fourth quarter worth approximately $220,000. Roman Butler Fullerton & Co. acquired a new stake in American Tower during the 4th quarter valued at $224,000. Obermeyer Wood Investment Counsel Lllp purchased a new stake in shares of American Tower in the fourth quarter valued at $248,000. Western Wealth Management LLC boosted its position in shares of American Tower by 27.6% in the fourth quarter. Western Wealth Management LLC now owns 8,316 shares of the real estate investment trust’s stock worth $1,795,000 after buying an additional 1,801 shares during the period. Finally, Fidelis Capital Partners LLC grew its holdings in shares of American Tower by 29.9% during the fourth quarter. Fidelis Capital Partners LLC now owns 3,285 shares of the real estate investment trust’s stock valued at $709,000 after buying an additional 757 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred 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 approximately $7,424,177.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other American Tower news, 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 completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,227 shares of company stock valued at $8,497,458. Insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMT. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Barclays decreased their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. BMO Capital Markets reaffirmed an “outperform” rating and set a $246.00 price objective (up from $225.00) on shares of American Tower in a research report on Wednesday, July 31st. Wells Fargo & Company increased their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Scotiabank boosted their price target on shares of American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $231.14.

American Tower Stock Performance

Shares of American Tower stock traded down $0.27 on Monday, reaching $219.58. The stock had a trading volume of 1,261,832 shares, compared to its average volume of 2,363,267. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $236.13. The business’s 50-day moving average price is $207.58 and its two-hundred day moving average price is $195.94. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $102.54 billion, a P/E ratio of 49.68, a price-to-earnings-growth ratio of 1.50 and a beta of 0.81.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $2.46 earnings per share. On average, sell-side analysts forecast that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The business 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. The ex-dividend date was Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 2.95%. American Tower’s payout ratio is 146.61%.

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.