Park Place Capital Corp Acquires 871 Shares of American Tower Co. (NYSE:AMT)

Park Place Capital Corp lifted its holdings in American Tower Co. (NYSE:AMT) by 21.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,891 shares of the real estate investment trust’s stock after acquiring an additional 871 shares during the period. Park Place Capital Corp’s holdings in American Tower were worth $1,137,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 1st quarter valued at approximately $25,000. Fairscale Capital LLC bought a new stake in American Tower in the second quarter worth $27,000. Cultivar Capital Inc. purchased a new position in American Tower during the second quarter worth $25,000. Hobbs Group Advisors LLC bought a new position in American Tower during the second quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of American Tower in the first quarter valued at $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were 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 $7,424,177.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Olivier Puech sold 10,005 shares of the company’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 owns 51,746 shares in the company, valued at $12,070,789.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,723 shares of company stock worth $7,795,397. Insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.3 %

AMT stock traded up $0.73 during trading on Tuesday, reaching $224.10. 315,918 shares of the company traded hands, compared to its average volume of 2,295,922. The company has a market capitalization of $104.65 billion, a price-to-earnings ratio of 50.64, a price-to-earnings-growth ratio of 1.06 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 business has a 50 day simple moving average of $229.04 and a 200 day simple moving average of $204.79. American Tower Co. has a 12 month low of $157.25 and a 12 month high of $243.56.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the firm earned $2.46 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. 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 declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is presently 146.61%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, September 13th. Scotiabank raised their price target on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group started coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Mizuho upped their price target on shares of 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $234.00.

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.