Castle Wealth Management LLC Takes Position in American Tower Co. (NYSE:AMT)

Castle Wealth Management LLC bought a new stake in American Tower Co. (NYSE:AMT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,057 shares of the real estate investment trust’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AMT. Greenleaf Trust increased its holdings in American Tower by 3.0% during the 4th quarter. Greenleaf Trust now owns 157,462 shares of the real estate investment trust’s stock valued at $33,993,000 after purchasing an additional 4,634 shares during the period. John G Ullman & Associates Inc. grew its stake in shares of American Tower by 17.0% in the 4th quarter. John G Ullman & Associates Inc. now owns 30,821 shares of the real estate investment trust’s stock worth $6,654,000 after buying an additional 4,471 shares during the last quarter. Fidelis Capital Partners LLC grew its stake in shares of American Tower by 29.9% in the 4th quarter. Fidelis Capital Partners LLC now owns 3,285 shares of the real estate investment trust’s stock worth $709,000 after buying an additional 757 shares during the last quarter. Western Wealth Management LLC grew its stake in shares of American Tower by 27.6% in the 4th quarter. Western Wealth Management LLC now owns 8,316 shares of the real estate investment trust’s stock worth $1,795,000 after buying an additional 1,801 shares during the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp purchased a new stake in shares of American Tower in the 4th quarter worth approximately $248,000. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock traded up $0.30 during trading on Friday, reaching $171.30. The company’s stock had a trading volume of 2,866,660 shares, compared to its average volume of 2,425,967. The company has a market capitalization of $79.89 billion, a P/E ratio of 53.87, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. The company’s fifty day moving average is $191.91 and its 200-day moving average is $193.49. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.34 EPS. On average, research analysts expect that American Tower Co. will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, April 11th. American Tower’s payout ratio is 203.77%.

Insider Activity at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now directly owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of several recent research reports. BMO Capital Markets cut their price target on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Morgan Stanley upped their price objective on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday. Mizuho initiated coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. Finally, StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $217.36.

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.