Thoroughbred Financial Services LLC Makes New $407,000 Investment in American Tower Co. (NYSE:AMT)

Thoroughbred Financial Services LLC bought a new position in shares of American Tower Co. (NYSE:AMT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,098 shares of the real estate investment trust’s stock, valued at approximately $407,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meyer Handelman Co. purchased a new stake in shares of American Tower in the 1st quarter valued at approximately $801,000. TD Asset Management Inc grew its holdings in shares of American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after purchasing an additional 51,882 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after purchasing an additional 4,660 shares in the last quarter. Berkeley Capital Partners LLC grew its holdings in American Tower by 3.5% during the 4th quarter. Berkeley Capital Partners LLC now owns 3,895 shares of the real estate investment trust’s stock worth $841,000 after acquiring an additional 130 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock worth $4,029,000 after acquiring an additional 4,430 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the transaction, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 in the last ninety days. Insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of NYSE AMT opened at $240.32 on Tuesday. The stock has a market cap of $112.25 billion, a price-to-earnings ratio of 54.37, a PEG ratio of 1.57 and a beta of 0.83. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56. The company’s 50-day moving average price is $221.93 and its 200 day moving average price is $201.52. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.46 earnings per share. As a group, research analysts forecast that American Tower Co. will post 10.18 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 2.70%. American Tower’s dividend payout ratio is currently 146.61%.

Analyst Ratings Changes

Several research firms have commented on AMT. Wells Fargo & Company boosted their price target on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Royal Bank of Canada upped their target price on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, The Goldman Sachs Group began coverage on shares of American Tower in a report on Monday, July 1st. They issued a “buy” rating and a $230.00 target price for the company. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $233.29.

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.