Gateway Investment Advisers LLC Sells 270 Shares of American Tower Co. (NYSE:AMT)

Gateway Investment Advisers LLC cut its position in shares of American Tower Co. (NYSE:AMT) by 0.8% during the 1st quarter, HoldingsChannel reports. The firm owned 35,481 shares of the real estate investment trust’s stock after selling 270 shares during the period. Gateway Investment Advisers LLC’s holdings in American Tower were worth $7,011,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $25,000. Gold Investment Management Ltd. bought a new position in American Tower during the 4th quarter valued at approximately $28,000. Thompson Investment Management Inc. purchased a new position in American Tower during the fourth quarter valued at $29,000. Private Wealth Management Group LLC bought a new stake in American Tower in the fourth quarter worth $31,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of American Tower in the first quarter worth $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

NYSE AMT opened at $192.64 on Wednesday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The stock has a market capitalization of $89.96 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 1.40 and a beta of 0.79. The business’s fifty day moving average price is $186.86 and its 200-day moving average price is $195.23.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.54 earnings per share. On average, equities analysts predict that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, June 14th. This represents a $6.48 annualized dividend and a yield of 3.36%. American Tower’s dividend payout ratio (DPR) is 146.61%.

Insider Buying and Selling at American Tower

In other news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sanjay Goel sold 3,504 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AMT shares. Mizuho initiated coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $226.00 to $248.00 in a report on Wednesday, May 1st. Barclays cut their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, BMO Capital Markets cut their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $220.91.

American Tower Company 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.