Riverview Capital Advisers LLC Grows Stock Holdings in American Tower Co. (NYSE:AMT)

Riverview Capital Advisers LLC raised its stake in shares of American Tower Co. (NYSE:AMT) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,605 shares of the real estate investment trust’s stock after acquiring an additional 141 shares during the period. American Tower makes up 1.4% of Riverview Capital Advisers LLC’s investment portfolio, making the stock its 24th biggest holding. Riverview Capital Advisers LLC’s holdings in American Tower were worth $4,200,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the first quarter worth about $25,000. Cultivar Capital Inc. purchased a new position in American Tower in the second quarter worth $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower during the 4th quarter worth $28,000. Hobbs Group Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter valued at about $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in American Tower during the first quarter worth about $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

American Tower stock opened at $235.95 on Thursday. The stock has a market cap of $110.18 billion, a P/E ratio of 53.38, a price-to-earnings-growth ratio of 1.60 and a beta of 0.83. The stock has a 50 day moving average of $223.58 and a 200-day moving average of $202.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the business posted $2.46 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts expect that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 2.75%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is currently 146.61%.

Insider Activity

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly 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 this hyperlink. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the sale, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,723 shares of company stock valued at $7,795,397. Company insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on AMT shares. The Goldman Sachs Group began coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. Barclays reduced their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company increased their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Scotiabank lifted their price target on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Finally, StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average target price of $233.29.

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.