Red Door Wealth Management LLC Raises Stock Position in American Tower Co. (NYSE:AMT)

Red Door Wealth Management LLC grew its holdings in American Tower Co. (NYSE:AMT) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,239 shares of the real estate investment trust’s stock after acquiring an additional 1,199 shares during the period. Red Door Wealth Management LLC’s holdings in American Tower were worth $2,814,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. New Mexico Educational Retirement Board raised its stake in shares of American Tower by 9.1% in the 1st quarter. New Mexico Educational Retirement Board now owns 26,468 shares of the real estate investment trust’s stock valued at $5,230,000 after acquiring an additional 2,200 shares during the period. Founders Financial Securities LLC raised its stake in shares of American Tower by 9.0% in the 1st quarter. Founders Financial Securities LLC now owns 6,442 shares of the real estate investment trust’s stock valued at $1,273,000 after acquiring an additional 534 shares during the period. Symphony Financial Ltd. Co. raised its stake in shares of American Tower by 3.0% in the 1st quarter. Symphony Financial Ltd. Co. now owns 2,409 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 71 shares during the period. Occidental Asset Management LLC purchased a new position in shares of American Tower in the 1st quarter valued at $2,357,000. Finally, Independence Bank of Kentucky raised its stake in shares of American Tower by 30.5% in the 1st quarter. Independence Bank of Kentucky now owns 7,949 shares of the real estate investment trust’s stock valued at $1,571,000 after acquiring an additional 1,859 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value 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 legal filing with the SEC, which is available at the SEC website. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value 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 legal filing with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was 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 $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. Morgan Stanley lifted their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. BMO Capital Markets decreased their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Finally, Barclays decreased their price objective 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. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $220.91.

American Tower Stock Performance

Shares of NYSE AMT traded down $0.94 during midday trading on Friday, hitting $194.38. The company’s stock had a trading volume of 2,393,894 shares, compared to its average volume of 2,347,319. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The firm’s fifty day moving average price is $188.22 and its 200-day moving average price is $195.07. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $90.77 billion, a P/E ratio of 43.98, a P/E/G ratio of 1.39 and a beta of 0.79.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.54 earnings per share. On average, sell-side analysts forecast that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.33%. American Tower’s dividend payout ratio 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.