Mainsail Financial Group LLC Invests $250,000 in American Tower Co. (NYSE:AMT)

Mainsail Financial Group LLC purchased a new position in shares of American Tower Co. (NYSE:AMT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,263 shares of the real estate investment trust’s stock, valued at approximately $250,000.

A number of other hedge funds have also modified their holdings of AMT. Norges Bank purchased a new position in American Tower during the 4th quarter valued at about $1,051,898,000. Wellington Management Group LLP boosted its holdings in American Tower by 21.9% during the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after acquiring an additional 2,839,570 shares during the period. Edgewood Management LLC boosted its holdings in American Tower by 46.2% during the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after acquiring an additional 1,576,683 shares during the period. Jennison Associates LLC boosted its holdings in American Tower by 41.0% during the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after acquiring an additional 1,541,029 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in American Tower by 16,195.9% during the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock valued at $1,833,560,000 after acquiring an additional 844,128 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Up 1.3 %

AMT opened at $194.79 on Thursday. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. The company has a market cap of $90.96 billion, a price-to-earnings ratio of 44.07, a PEG ratio of 1.37 and a beta of 0.81. The business’s fifty day moving average is $189.02 and its two-hundred day moving average is $194.69. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last released its quarterly earnings results 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). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the firm earned $2.54 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. Analysts anticipate that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a yield of 3.33%. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AMT shares. Morgan Stanley increased their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. BMO Capital Markets cut their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Raymond James raised 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 report on Wednesday, May 1st. The Goldman Sachs Group assumed coverage on American Tower in a research report on Monday. They set a “buy” rating and a $230.00 price target on the stock. Finally, Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.67.

Insider Buying and Selling at American Tower

In other American Tower news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now 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 through the SEC website. In related news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

American Tower Company 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.