New Century Financial Group LLC Trims Holdings in American Tower Co. (NYSE:AMT)

New Century Financial Group LLC lessened its stake in American Tower Co. (NYSE:AMT) by 15.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,149 shares of the real estate investment trust’s stock after selling 206 shares during the period. New Century Financial Group LLC’s holdings in American Tower were worth $227,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in shares of American Tower by 3.3% in the 3rd quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock worth $26,102,000 after acquiring an additional 5,045 shares in the last quarter. Axxcess Wealth Management LLC grew its position in shares of American Tower by 196.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 7,199 shares of the real estate investment trust’s stock valued at $1,184,000 after buying an additional 4,772 shares during the last quarter. Evergreen Capital Management LLC raised its stake in American Tower by 49.3% during the third quarter. Evergreen Capital Management LLC now owns 2,148 shares of the real estate investment trust’s stock worth $353,000 after acquiring an additional 709 shares during the period. Legacy Advisors LLC lifted its holdings in American Tower by 4.8% in the third quarter. Legacy Advisors LLC now owns 1,739 shares of the real estate investment trust’s stock worth $286,000 after acquiring an additional 79 shares during the last quarter. Finally, Lake Street Advisors Group LLC boosted its stake in American Tower by 1.3% in the third quarter. Lake Street Advisors Group LLC now owns 10,274 shares of the real estate investment trust’s stock valued at $1,690,000 after acquiring an additional 129 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. The Goldman Sachs Group assumed coverage on American Tower in a research note on Monday. They issued a “buy” rating and a $230.00 target price on the stock. Barclays lowered their price target on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Mizuho initiated coverage on shares of American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. Finally, Scotiabank reduced their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research note on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $221.67.

Insider Activity

In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on 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 directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Robert D. Hormats sold 700 shares of the 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 completion of the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction dated 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 directly owns 28,413 shares in the company, valued at approximately $5,692,828.68. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

American Tower Stock Up 1.3 %

Shares of AMT stock opened at $194.79 on Friday. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The business’s fifty day moving average is $189.88 and its 200-day moving average is $194.69. The stock has a market cap of $90.96 billion, a PE ratio of 44.07, a price-to-earnings-growth ratio of 1.39 and a beta of 0.81.

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

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.33%. American Tower’s dividend payout ratio is currently 146.61%.

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.