Bleakley Financial Group LLC Has $1.65 Million Stake in American Tower Co. (NYSE:AMT)

Bleakley Financial Group LLC reduced its holdings in shares of American Tower Co. (NYSE:AMT) by 2.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,361 shares of the real estate investment trust’s stock after selling 188 shares during the quarter. Bleakley Financial Group LLC’s holdings in American Tower were worth $1,652,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Northwest Investment Counselors LLC bought a new position in American Tower during the first quarter worth $25,000. Gold Investment Management Ltd. bought a new stake in shares of American Tower during the 4th quarter worth about $28,000. Thompson Investment Management Inc. acquired a new position in American Tower in the 4th quarter valued at about $29,000. Private Wealth Management Group LLC bought a new position in American Tower in the 4th quarter valued at about $31,000. Finally, SOA Wealth Advisors LLC. acquired a new stake in American Tower during the first quarter worth approximately $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Up 1.4 %

Shares of American Tower stock opened at $213.17 on Thursday. The firm’s 50-day moving average price is $194.62 and its two-hundred day moving average price is $193.89. The company has a market capitalization of $99.55 billion, a price-to-earnings ratio of 48.23, a PEG ratio of 1.48 and a beta of 0.81. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $219.10.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the business posted $2.54 EPS. The business’s revenue was up 2.4% on a year-over-year basis. On average, analysts forecast that American Tower Co. will post 10.04 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.04%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AMT. The Goldman Sachs Group assumed coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective for the company. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Morgan Stanley lifted their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Scotiabank reduced their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Finally, Barclays lowered their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $222.92.

Insider Buying and Selling

In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Robert D. Hormats sold 700 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which is available through 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 shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now 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 corporate insiders.

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.