Sienna Gestion Makes New Investment in American Tower Co. (NYSE:AMT)

Sienna Gestion purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,182 shares of the real estate investment trust’s stock, valued at approximately $424,000.

Several other hedge funds have also made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new stake in American Tower during the 1st quarter valued at $25,000. Gold Investment Management Ltd. purchased a new stake in shares of American Tower in the fourth quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of American Tower in the second quarter worth approximately $25,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the second quarter worth approximately $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in American Tower during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the 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 completion of the sale, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at $7,424,177.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the firm’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 value 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 approximately $14,223,890. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 in the company, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 in the last three months. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of American Tower stock opened at $235.95 on Thursday. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56. The firm has a fifty day simple moving average of $223.58 and a 200-day simple 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. The stock has a market capitalization of $110.18 billion, a price-to-earnings ratio of 53.38, a PEG ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last released its earnings results 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). The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.46 EPS. On average, sell-side analysts expect that American Tower Co. will post 10.13 earnings per share for the current 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 issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AMT shares. The Goldman Sachs Group assumed coverage on shares of American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Mizuho lifted their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Barclays dropped their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. JPMorgan Chase & Co. lifted their price target on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada increased their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $233.29.

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.