Fairscale Capital LLC Acquires New Stake in American Tower Co. (NYSE:AMT)

Fairscale Capital LLC bought a new position in shares of American Tower Co. (NYSE:AMT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 128 shares of the real estate investment trust’s stock, valued at approximately $27,000.

A number of other large investors have also modified their holdings of AMT. Gabelli Funds LLC grew its stake in American Tower by 0.6% during the 2nd quarter. Gabelli Funds LLC now owns 107,475 shares of the real estate investment trust’s stock valued at $20,891,000 after acquiring an additional 675 shares in the last quarter. Frank Rimerman Advisors LLC lifted its stake in American Tower by 17,200.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,633 shares of the real estate investment trust’s stock worth $706,000 after purchasing an additional 3,612 shares in the last quarter. Profund Advisors LLC boosted its holdings in shares of American Tower by 2.9% during the 2nd quarter. Profund Advisors LLC now owns 7,426 shares of the real estate investment trust’s stock worth $1,443,000 after purchasing an additional 212 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of American Tower by 16.3% in the second quarter. Summit Trail Advisors LLC now owns 5,671 shares of the real estate investment trust’s stock valued at $1,111,000 after purchasing an additional 795 shares during the last quarter. Finally, Capstone Triton Financial Group LLC increased its holdings in shares of American Tower by 7.3% in the second quarter. Capstone Triton Financial Group LLC now owns 6,650 shares of the real estate investment trust’s stock valued at $1,293,000 after purchasing an additional 451 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In related news, EVP Olivier Puech sold 10,005 shares of the company’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 transaction of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction 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 completion of 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 SEC, which is accessible through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction 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. Over the last quarter, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AMT has been the subject of several analyst reports. Mizuho upped their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. TD Cowen upped their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company lifted their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Barclays decreased their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Scotiabank raised 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. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.29.

American Tower Stock Up 1.2 %

Shares of NYSE AMT opened at $235.06 on Monday. 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 business’s 50 day moving average is $224.57 and its two-hundred day moving average is $202.39. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $243.56. The firm has a market cap of $109.77 billion, a price-to-earnings ratio of 53.18, a PEG ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter in the prior year, the firm posted $2.46 EPS. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.76%. American Tower’s dividend payout ratio 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.