Veracity Capital LLC Raises Stake in American Tower Co. (NYSE:AMT)

Veracity Capital LLC raised its stake in American Tower Co. (NYSE:AMT) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,422 shares of the real estate investment trust’s stock after buying an additional 61 shares during the quarter. Veracity Capital LLC’s holdings in American Tower were worth $281,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in AMT. AQR Capital Management LLC grew its holdings in shares of American Tower by 3.3% during the 3rd quarter. AQR Capital Management LLC now owns 158,725 shares of the real estate investment trust’s stock worth $26,102,000 after purchasing an additional 5,045 shares during the period. Axxcess Wealth Management LLC grew its holdings in shares of American Tower by 196.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 7,199 shares of the real estate investment trust’s stock worth $1,184,000 after purchasing an additional 4,772 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of American Tower by 49.3% during the 3rd quarter. Evergreen Capital Management LLC now owns 2,148 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 709 shares during the period. Legacy Advisors LLC boosted its holdings in American Tower by 4.8% during the 3rd quarter. Legacy Advisors LLC now owns 1,739 shares of the real estate investment trust’s stock valued at $286,000 after acquiring an additional 79 shares during the period. Finally, Lake Street Advisors Group LLC boosted its holdings in American Tower by 1.3% during the 3rd quarter. Lake Street Advisors Group LLC now owns 10,274 shares of the real estate investment trust’s stock valued at $1,690,000 after acquiring an additional 129 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at American Tower

In related news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total value of $702,061.44. Following the transaction, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on AMT. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Mizuho initiated coverage on American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Morgan Stanley raised their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. BMO Capital Markets cut their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Scotiabank cut their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.67.

American Tower Trading Up 1.3 %

Shares of AMT stock opened at $194.79 on Friday. The business’s 50 day moving average is $189.88 and its two-hundred day moving average is $194.69. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The company has a market capitalization of $90.96 billion, a P/E ratio of 44.07, a price-to-earnings-growth ratio of 1.39 and a beta of 0.81. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter last year, the firm earned $2.54 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts forecast that American Tower Co. will post 10.03 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be paid a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.33%. American Tower’s dividend payout ratio (DPR) is presently 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.