Meadow Creek Wealth Advisors LLC Makes New Investment in American Tower Co. (NYSE:AMT)

Meadow Creek Wealth Advisors LLC purchased a new position in shares of American Tower Co. (NYSE:AMT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,909 shares of the real estate investment trust’s stock, valued at approximately $412,000.

Other institutional investors also recently bought and sold shares of the company. McClarren Financial Advisors Inc. purchased a new position in American Tower during the 3rd quarter worth approximately $27,000. Emerald Advisers LLC purchased a new position in American Tower during the 3rd quarter worth approximately $29,000. Thompson Investment Management Inc. purchased a new position in American Tower during the 4th quarter worth approximately $29,000. Pinnacle Holdings LLC purchased a new position in American Tower during the 1st quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of American Tower during the 2nd quarter valued at approximately $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the subject of several recent research reports. BMO Capital Markets cut their target price on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. JPMorgan Chase & Co. cut their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. HSBC initiated coverage on shares of American Tower in a report on Thursday, December 14th. They set a “buy” rating and a $245.00 target price for the company. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Barclays lifted their target price on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $217.55.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

American Tower Price Performance

AMT traded up $0.21 on Thursday, hitting $197.59. 2,168,358 shares of the company’s stock were exchanged, compared to its average volume of 2,337,216. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. The firm has a 50-day moving average price of $196.21 and a 200-day moving average price of $192.09. The stock has a market cap of $92.15 billion, a price-to-earnings ratio of 62.14, a P/E/G ratio of 1.34 and a beta of 0.68.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period last year, the firm earned $2.34 EPS. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be given a dividend of $1.62 per share. The ex-dividend date is Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.28%. American Tower’s payout ratio is 213.84%.

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.