Waterloo Capital L.P. Buys 520 Shares of American Tower Co. (NYSE:AMT)

Waterloo Capital L.P. boosted its holdings in American Tower Co. (NYSE:AMT) by 8.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 6,401 shares of the real estate investment trust’s stock after purchasing an additional 520 shares during the period. Waterloo Capital L.P.’s holdings in American Tower were worth $1,244,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AMT. Northwest Investment Counselors LLC bought a new stake in American Tower in the first quarter worth $25,000. Cultivar Capital Inc. bought a new stake in American Tower in the second quarter worth $25,000. Gold Investment Management Ltd. bought a new stake in American Tower in the fourth quarter worth $28,000. Hobbs Group Advisors LLC bought a new stake in American Tower in the second quarter worth $29,000. Finally, SOA Wealth Advisors LLC. bought a new stake in American Tower in the first quarter worth $30,000. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Royal Bank of Canada boosted their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Scotiabank boosted their price target on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group began coverage on shares of American Tower in a research report on Monday, July 1st. They issued a “buy” rating and a $230.00 price objective on the stock. Mizuho boosted their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, BMO Capital Markets boosted their price objective on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.29.

Insiders Place Their Bets

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the sale, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is currently owned by company insiders.

American Tower Price Performance

Shares of NYSE AMT opened at $235.95 on Thursday. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day moving average is $223.58 and its 200 day moving average is $202.03. The stock has a market capitalization of $110.18 billion, a P/E ratio of 53.38, a P/E/G ratio of 1.60 and a beta of 0.83.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the prior year, the firm earned $2.46 EPS. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, sell-side analysts expect that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio is currently 146.61%.

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.