Western Wealth Management LLC Raises Stock Holdings in American Tower Co. (NYSE:AMT)

Western Wealth Management LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 27.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,316 shares of the real estate investment trust’s stock after purchasing an additional 1,801 shares during the quarter. Western Wealth Management LLC’s holdings in American Tower were worth $1,795,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. McClarren Financial Advisors Inc. acquired a new position in shares of American Tower in the third quarter valued at about $27,000. Emerald Advisers LLC purchased a new position in shares of American Tower in the third quarter valued at approximately $29,000. Thompson Investment Management Inc. purchased a new position in shares of American Tower in the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC acquired a new position in American Tower during the first quarter worth $29,000. Finally, Eagle Bay Advisors LLC acquired a new position in American Tower during the second quarter worth $30,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock traded up $1.38 during mid-day trading on Friday, reaching $172.38. 697,513 shares of the company were exchanged, compared to its average volume of 2,394,489. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The firm’s 50-day simple moving average is $192.37 and its two-hundred day simple moving average is $193.43. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market cap of $80.39 billion, a PE ratio of 53.77, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the previous year, the business earned $2.34 earnings per share. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities analysts predict that American Tower Co. will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.76%. The ex-dividend date is Thursday, April 11th. American Tower’s payout ratio is 203.77%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BMO Capital Markets decreased their target price on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Barclays increased their target price on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. cut their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Mizuho started coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target on the stock. Finally, StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $217.36.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company insiders.

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.