Parsons Capital Management Inc. RI Acquires 160 Shares of American Tower Co. (NYSE:AMT)

Parsons Capital Management Inc. RI raised its stake in shares of American Tower Co. (NYSE:AMT) by 0.5% during the 2nd quarter, Holdings Channel reports. The fund owned 33,973 shares of the real estate investment trust’s stock after purchasing an additional 160 shares during the period. Parsons Capital Management Inc. RI’s holdings in American Tower were worth $6,604,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower in the 1st quarter worth $25,000. Gold Investment Management Ltd. acquired a new position in shares of American Tower during the fourth quarter valued at about $28,000. Private Wealth Management Group LLC purchased a new position in shares of American Tower in the 4th quarter valued at approximately $31,000. SOA Wealth Advisors LLC. acquired a new stake in American Tower in the 1st quarter worth approximately $30,000. Finally, Rational Advisors LLC acquired a new position in American Tower during the 1st quarter valued at approximately $35,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMT. BMO Capital Markets reiterated an “outperform” rating and set a $246.00 price objective (up from $225.00) on shares of American Tower in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. TD Cowen increased their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group began coverage on shares of American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Transactions at American Tower

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower 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 directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders sold a total of 37,227 shares of company stock valued at $8,497,458 in the last three months. 0.18% of the stock is currently owned by company insiders.

American Tower Stock Performance

Shares of NYSE:AMT traded down $0.27 during trading on Monday, hitting $219.58. 1,261,832 shares of the stock traded hands, compared to its average volume of 2,363,267. 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 fifty day moving average price of $207.58 and a two-hundred day moving average price of $195.94. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $236.13. The company has a market cap of $102.54 billion, a price-to-earnings ratio of 49.68, a P/E/G ratio of 1.50 and a beta of 0.81.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the firm posted $2.46 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts predict that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Friday, June 14th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

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.