Modus Advisors LLC Buys 89 Shares of American Tower Co. (NYSE:AMT)

Modus Advisors LLC boosted its stake in shares of American Tower Co. (NYSE:AMT) by 3.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,001 shares of the real estate investment trust’s stock after acquiring an additional 89 shares during the period. Modus Advisors LLC’s holdings in American Tower were worth $698,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the first quarter worth $25,000. Cultivar Capital Inc. acquired a new position in shares of American Tower in the 2nd quarter valued at approximately $25,000. Fairscale Capital LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC bought a new position in American Tower in the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. bought a new stake in American Tower during the first quarter worth $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Trading Down 0.8 %

Shares of AMT stock traded down $1.78 on Thursday, hitting $219.00. The company had a trading volume of 582,266 shares, compared to its average volume of 2,290,204. American Tower Co. has a twelve month low of $157.25 and a twelve month high of $243.56. 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 firm has a market cap of $102.27 billion, a P/E ratio of 49.65, a P/E/G ratio of 1.02 and a beta of 0.83. The stock’s 50-day moving average is $229.07 and its two-hundred day moving average is $205.12.

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 analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the company posted $2.46 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed 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 2.96%. The ex-dividend date is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AMT. TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $245.00 to $230.00 in a report on Thursday. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Mizuho increased their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, BMO Capital Markets upped their price target on shares of American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $235.21.

Insider Activity

In other American Tower news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $232.93, for a total value of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the 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 transaction, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at $7,424,177.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the completion of the sale, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. 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. 0.18% of the stock is owned by company insiders.

About American Tower

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.