Norden Group LLC Takes Position in American Tower Co. (NYSE:AMT)

Norden Group LLC acquired a new stake in American Tower Co. (NYSE:AMT) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,899 shares of the real estate investment trust’s stock, valued at approximately $7,884,000.

Several other large investors also recently modified their holdings of the stock. Wallington Asset Management LLC raised its position in shares of American Tower by 0.8% in the first quarter. Wallington Asset Management LLC now owns 66,802 shares of the real estate investment trust’s stock valued at $13,199,000 after purchasing an additional 522 shares during the period. IVC Wealth Advisors LLC increased its position in American Tower by 22.7% during the first quarter. IVC Wealth Advisors LLC now owns 1,350 shares of the real estate investment trust’s stock worth $267,000 after acquiring an additional 250 shares during the period. BluePath Capital Management LLC increased its position in American Tower by 26.1% during the first quarter. BluePath Capital Management LLC now owns 2,065 shares of the real estate investment trust’s stock worth $408,000 after acquiring an additional 428 shares during the period. State of Alaska Department of Revenue increased its position in American Tower by 0.7% during the first quarter. State of Alaska Department of Revenue now owns 273,967 shares of the real estate investment trust’s stock worth $54,131,000 after acquiring an additional 1,830 shares during the period. Finally, Yoder Wealth Management Inc. bought a new position in American Tower during the first quarter worth about $296,000. 92.69% of the stock is owned by institutional investors.

American Tower Trading Up 1.3 %

NYSE:AMT opened at $194.79 on Friday. The firm’s fifty day moving average is $189.44 and its 200-day moving average is $194.69. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The firm has a market cap of $90.96 billion, a P/E ratio of 44.07, a P/E/G ratio of 1.39 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the company posted $2.54 earnings per share. The company’s revenue for the quarter 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 year.

American Tower Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.33%. American Tower’s payout ratio is presently 146.61%.

Insider Activity at American Tower

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

Analyst Upgrades and Downgrades

AMT has been the topic of a number of recent research reports. The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Monday. They set a “buy” rating and a $230.00 price target on the stock. BMO Capital Markets lowered their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Barclays decreased their target price 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. Scotiabank decreased their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Finally, Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $221.67.

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.