American Tower Co. (NYSE:AMT) Shares Bought by Gabelli Funds LLC

Gabelli Funds LLC lifted its position in shares of American Tower Co. (NYSE:AMT) by 0.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 107,475 shares of the real estate investment trust’s stock after purchasing an additional 675 shares during the period. Gabelli Funds LLC’s holdings in American Tower were worth $20,891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AMT. NBT Bank N A NY increased its position in American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after buying an additional 54 shares during the period. O Brien Greene & Co. Inc increased its holdings in shares of American Tower by 2.3% in the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock valued at $481,000 after acquiring an additional 55 shares during the period. Glassman Wealth Services raised its position in American Tower by 4.7% in the 4th quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock valued at $268,000 after purchasing an additional 56 shares during the last quarter. CFO4Life Group LLC boosted its stake in American Tower by 5.4% during the 1st quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust’s stock worth $221,000 after purchasing an additional 57 shares during the period. Finally, Tyche Wealth Partners LLC grew its position in American Tower by 4.9% during the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 58 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AMT. BMO Capital Markets upped their target price on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Royal Bank of Canada upped their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Scotiabank upped their price objective on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company raised 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. 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 stock. According to data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $233.29.

American Tower Price Performance

American Tower stock 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 firm’s 50-day simple moving average is $224.57 and its 200 day simple 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 capitalization of $109.77 billion, a PE ratio of 53.18, a P/E/G ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings results 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 business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period last year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts predict that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is presently 146.61%.

Insider Transactions at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Olivier Puech sold 10,005 shares of the firm’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 value 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 $12,070,789.42. The transaction 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 company’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 transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 over the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

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.