American Tower Co. (NYSE:AMT) Shares Purchased by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 22.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,350 shares of the real estate investment trust’s stock after purchasing an additional 250 shares during the period. IVC Wealth Advisors LLC’s holdings in American Tower were worth $267,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of AMT. Ancora Advisors LLC raised its position in shares of American Tower by 18.6% during the 3rd quarter. Ancora Advisors LLC now owns 2,298 shares of the real estate investment trust’s stock worth $378,000 after purchasing an additional 361 shares during the last quarter. Gotham Asset Management LLC raised its holdings in American Tower by 12.7% in the 3rd quarter. Gotham Asset Management LLC now owns 22,368 shares of the real estate investment trust’s stock valued at $3,678,000 after acquiring an additional 2,524 shares during the last quarter. Lazard Asset Management LLC raised its holdings in American Tower by 1,760.5% in the 3rd quarter. Lazard Asset Management LLC now owns 98,176 shares of the real estate investment trust’s stock valued at $16,144,000 after acquiring an additional 92,899 shares during the last quarter. AQR Capital Management LLC raised its holdings in American Tower by 3.3% in the 3rd quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock valued at $26,102,000 after acquiring an additional 5,045 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in American Tower by 20.0% in the 3rd quarter. Truist Financial Corp now owns 212,844 shares of the real estate investment trust’s stock valued at $35,002,000 after acquiring an additional 35,444 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 1.3 %

Shares of NYSE:AMT traded up $2.52 during mid-day trading on Wednesday, reaching $194.79. 1,182,068 shares of the company were exchanged, compared to its average volume of 2,403,042. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $90.96 billion, a price-to-earnings ratio of 44.07, a P/E/G ratio of 1.39 and a beta of 0.81. The firm’s 50-day simple moving average is $189.02 and its 200 day simple moving average is $194.69. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.54 EPS. Equities research analysts forecast that American Tower Co. will post 10.03 EPS for the current year.

American Tower Announces Dividend

The business 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 dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.33%. American Tower’s payout ratio is currently 146.61%.

Insider Buying and Selling

In related news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert D. Hormats sold 700 shares of the firm’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 completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, 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.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent research reports. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Barclays cut 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. The Goldman Sachs Group initiated coverage on shares of American Tower in a report on Monday. They issued a “buy” rating and a $230.00 price objective for the company. BMO Capital Markets cut 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, Scotiabank cut their price target on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $221.67.

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.