MBB Public Markets I LLC Boosts Holdings in American Tower Co. (NYSE:AMT)

MBB Public Markets I LLC increased its position in American Tower Co. (NYSE:AMT) by 1,984.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,898 shares of the real estate investment trust’s stock after purchasing an additional 31,320 shares during the quarter. MBB Public Markets I LLC’s holdings in American Tower were worth $6,395,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meyer Handelman Co. acquired a new stake in shares of American Tower during the first quarter valued at about $801,000. TD Asset Management Inc boosted its holdings in 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 during the last quarter. Kingsview Wealth Management LLC boosted its holdings in 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 during the last quarter. Tidal Investments LLC grew its stake 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 valued at $4,029,000 after purchasing an additional 4,430 shares in the last quarter. Finally, Cetera Advisors LLC increased its holdings in American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after purchasing an additional 9,275 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

AMT stock opened at $230.32 on Friday. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $243.56. The stock has a market capitalization of $107.55 billion, a price-to-earnings ratio of 52.11, a PEG ratio of 1.08 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s fifty day moving average is $226.93 and its two-hundred day moving average is $203.41.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share 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 firm had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, research analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 146.61%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Scotiabank raised 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 report on Wednesday, July 31st. Royal Bank of Canada boosted their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company boosted their price objective on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.00.

Insider Activity at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock worth $7,795,397 in the last three months. 0.18% of the stock is owned by company insiders.

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.