Frank Rimerman Advisors LLC Has $706,000 Stake in American Tower Co. (NYSE:AMT)

Frank Rimerman Advisors LLC grew its stake in shares of American Tower Co. (NYSE:AMT) by 17,200.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,633 shares of the real estate investment trust’s stock after buying an additional 3,612 shares during the period. Frank Rimerman Advisors LLC’s holdings in American Tower were worth $706,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Meyer Handelman Co. acquired a new stake in shares of American Tower during the 1st quarter worth approximately $801,000. TD Asset Management Inc increased its holdings in American Tower by 23.2% in the 4th quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after buying an additional 51,882 shares during the period. Kingsview Wealth Management LLC raised its stake in shares of American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after buying an additional 4,660 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after acquiring an additional 4,430 shares during the period. Finally, Cetera Advisors LLC boosted its position in shares of American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after acquiring an additional 9,275 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated 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 in the company, valued at $7,424,177.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by company insiders.

American Tower Price Performance

Shares of AMT stock opened at $236.24 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $243.56. The firm has a market cap of $110.32 billion, a price-to-earnings ratio of 53.45, a PEG ratio of 1.60 and a beta of 0.83. The stock has a 50-day moving average price of $225.12 and a 200 day moving average price of $202.62.

American Tower (NYSE:AMT) last posted its quarterly 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). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the firm earned $2.46 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Research analysts expect that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced 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 of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.74%. American Tower’s payout ratio is currently 146.61%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMT. Royal Bank of Canada raised their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. boosted their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday. Barclays dropped their price objective on American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. The Goldman Sachs Group began coverage on shares of American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. Finally, Mizuho increased their target price 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. 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, American Tower currently has an average rating of “Moderate Buy” and an average price target of $234.00.

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.