Palumbo Wealth Management LLC Buys 57 Shares of American Tower Co. (NYSE:AMT)

Palumbo Wealth Management LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 1.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,714 shares of the real estate investment trust’s stock after buying an additional 57 shares during the quarter. Palumbo Wealth Management LLC’s holdings in American Tower were worth $864,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cultivar Capital Inc. bought a new stake in American Tower during the second quarter valued at $25,000. Fortitude Family Office LLC boosted its position in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new stake in American Tower during the second quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower during the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the third quarter valued at about $30,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AMT. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Scotiabank reduced their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday. Finally, Barclays upped their price objective on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.85.

Insider Activity

In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by corporate insiders.

American Tower Stock Performance

AMT traded down $0.08 on Thursday, hitting $213.40. The company’s stock had a trading volume of 292,894 shares, compared to its average volume of 2,267,957. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. 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 firm has a market cap of $99.68 billion, a P/E ratio of 40.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The company’s 50 day simple moving average is $228.58 and its 200-day simple moving average is $208.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the company earned $2.58 earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. Analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is currently 121.80%.

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.