Lowe Brockenbrough & Co. Inc. boosted its position in American Tower Corporation (NYSE:AMT – Free Report) by 6.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 49,353 shares of the real estate investment trust’s stock after purchasing an additional 3,187 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in American Tower were worth $8,517,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of AMT. Richards Merrill & Peterson Inc. bought a new position in shares of American Tower during the 4th quarter worth approximately $25,000. Oakworth Capital Inc. raised its stake in American Tower by 90.7% in the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 68 shares during the period. Swiss RE Ltd. acquired a new stake in American Tower during the 4th quarter valued at $25,000. Triumph Capital Management acquired a new stake in American Tower during the 3rd quarter valued at $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in American Tower during the fourth quarter worth $29,000. Institutional investors own 92.69% of the company’s stock.
American Tower Stock Up 0.0%
Shares of NYSE:AMT opened at $170.13 on Monday. The company has a fifty day moving average of $177.64 and a 200-day moving average of $178.72. The company has a market capitalization of $79.26 billion, a PE ratio of 27.48, a price-to-earnings-growth ratio of 0.71 and a beta of 0.91. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a 52-week low of $160.06 and a 52-week high of $234.33.
American Tower Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were paid a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, June 12th. American Tower’s dividend payout ratio (DPR) is presently 115.67%.
Insider Activity at American Tower
In other news, EVP Ruth T. Dowling sold 416 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total transaction of $73,856.64. Following the sale, the executive vice president directly owned 29,461 shares in the company, valued at approximately $5,230,505.94. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the stock. Mizuho raised shares of American Tower from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. JPMorgan Chase & Co. reduced their target price on shares of American Tower from $245.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Sanford C. Bernstein upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price target on the stock in a research note on Tuesday, May 19th. Scotiabank increased their price target on shares of American Tower from $214.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $240.00 price objective on shares of American Tower in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $215.57.
Get Our Latest Stock Report on AMT
About American Tower
American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
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