Heritage Wealth Management Inc. Makes New Investment in American Tower Co. (NYSE:AMT)

Heritage Wealth Management Inc. purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,805 shares of the real estate investment trust’s stock, valued at approximately $549,000.

A number of other large investors have also recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in American Tower in the 2nd quarter worth approximately $9,248,000. Brown Financial Advisors bought a new stake in shares of American Tower in the second quarter worth $729,000. Clearbridge Investments LLC increased its position in American Tower by 8.9% during the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock valued at $720,206,000 after acquiring an additional 302,676 shares during the last quarter. Cetera Investment Advisers lifted its holdings in American Tower by 3.1% in the second quarter. Cetera Investment Advisers now owns 114,913 shares of the real estate investment trust’s stock valued at $22,337,000 after acquiring an additional 3,464 shares during the period. Finally, SPC Financial Inc. boosted its position in American Tower by 41.2% in the second quarter. SPC Financial Inc. now owns 2,951 shares of the real estate investment trust’s stock worth $574,000 after purchasing an additional 861 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’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 sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. The disclosure for this sale can be found here. Insiders sold 33,723 shares of company stock worth $7,795,397 in the last quarter. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Down 0.1 %

AMT stock opened at $231.94 on Thursday. The company has a market capitalization of $108.31 billion, a price-to-earnings ratio of 52.48, a PEG ratio of 1.05 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56. The business has a 50 day simple moving average of $228.29 and a two-hundred day simple moving average of $204.09.

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

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is presently 146.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AMT shares. TD Cowen increased their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. BMO Capital Markets lifted their price target on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. upped their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Scotiabank upped their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 31st. Two investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $234.00.

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.