PATRIZIA Pty Ltd Has $5.43 Million Position in American Tower Co. (NYSE:AMT)

PATRIZIA Pty Ltd increased its stake in American Tower Co. (NYSE:AMT) by 7.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,943 shares of the real estate investment trust’s stock after purchasing an additional 2,053 shares during the period. American Tower makes up 8.5% of PATRIZIA Pty Ltd’s holdings, making the stock its 3rd biggest holding. PATRIZIA Pty Ltd’s holdings in American Tower were worth $5,432,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 1st quarter worth about $25,000. Gold Investment Management Ltd. bought a new stake in shares of American Tower during the 4th quarter valued at about $28,000. SOA Wealth Advisors LLC. bought a new position in American Tower in the first quarter valued at $30,000. Private Wealth Management Group LLC bought a new position in American Tower during the fourth quarter valued at approximately $31,000. Finally, Rational Advisors LLC purchased a new position in American Tower in the 1st quarter worth $35,000. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AMT has been the topic of several research reports. Scotiabank lifted their price objective on American Tower from $223.00 to $248.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 31st. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, Wells Fargo & Company upped their price objective on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $230.77.

Insider Buying and Selling at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,227 shares of company stock worth $8,497,458. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.2 %

NYSE AMT traded up $0.52 on Wednesday, hitting $223.18. 2,289,241 shares of the stock were exchanged, compared to its average volume of 2,375,887. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $236.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market cap of $104.22 billion, a PE ratio of 50.61, a PEG ratio of 1.56 and a beta of 0.81. The company has a 50-day moving average price of $205.70 and a 200-day moving average price of $195.29.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.46 earnings per share. Sell-side analysts anticipate that American Tower Co. will post 10.04 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s payout ratio is currently 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.