Diametric Capital LP Acquires Shares of 1,896 American Tower Co. (NYSE:AMT)

Diametric Capital LP bought a new stake in shares of American Tower Co. (NYSE:AMT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 1,896 shares of the real estate investment trust’s stock, valued at approximately $348,000.

A number of other large investors also recently made changes to their positions in the stock. Glenview Trust co grew its stake in shares of American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after purchasing an additional 54 shares during the period. Rehmann Capital Advisory Group grew its position in shares of American Tower by 4.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after buying an additional 58 shares during the period. Precedent Wealth Partners LLC increased its stake in shares of American Tower by 4.7% in the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 58 shares during the last quarter. Resonant Capital Advisors LLC raised its position in shares of American Tower by 5.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after acquiring an additional 61 shares during the period. Finally, Calamos Wealth Management LLC raised its position in shares of American Tower by 2.9% in the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock valued at $398,000 after acquiring an additional 61 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of AMT opened at $219.44 on Wednesday. The stock has a market capitalization of $102.58 billion, a price-to-earnings ratio of 92.59, a PEG 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 firm has a fifty day simple moving average of $200.03 and a 200 day simple moving average of $204.07. 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 posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 EPS. Research analysts forecast that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a dividend of $1.70 per share. This is a positive change from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. This represents a $6.80 annualized dividend and a dividend yield of 3.10%. American Tower’s payout ratio is 141.37%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AMT shares. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday. They issued an “overweight” rating and a $250.00 target price for the company. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Mizuho decreased their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Hsbc Global Res raised American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Barclays lifted their price objective on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $232.07.

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.