Lighthouse Investment Partners LLC Takes Position in American Tower Co. (NYSE:AMT)

Lighthouse Investment Partners LLC purchased a new stake in American Tower Co. (NYSE:AMT) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 70,000 shares of the real estate investment trust’s stock, valued at approximately $13,607,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in shares of American Tower in the 1st quarter valued at about $25,000. Cultivar Capital Inc. bought a new stake in American Tower in the 2nd quarter valued at about $25,000. Fairscale Capital LLC bought a new stake in American Tower in the 2nd quarter valued at about $27,000. Gold Investment Management Ltd. bought a new stake in American Tower in the 4th quarter valued at about $28,000. Finally, Hobbs Group Advisors LLC bought a new stake in American Tower in the 2nd quarter valued at about $29,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were 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 directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of several recent research reports. Mizuho lifted 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. Deutsche Bank Aktiengesellschaft boosted 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. 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 report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, TD Cowen boosted their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two equities research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $234.00.

American Tower Stock Performance

Shares of AMT opened at $231.77 on Friday. The firm’s 50 day moving average is $226.52 and its 200-day moving average is $203.25. The stock has a market capitalization of $108.26 billion, a P/E ratio of 52.44, a P/E/G ratio of 1.08 and a beta of 0.83. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Co. has a 12-month low of $154.58 and a 12-month high of $243.56.

American Tower (NYSE:AMT) last released its earnings results 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). The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the business earned $2.46 earnings per share. Equities research analysts anticipate that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) 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.