Waverly Advisors LLC Grows Stock Position in American Tower Corporation $AMT

Waverly Advisors LLC boosted its holdings in American Tower Corporation (NYSE:AMT) by 11.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,679 shares of the real estate investment trust’s stock after buying an additional 4,775 shares during the period. Waverly Advisors LLC’s holdings in American Tower were worth $7,883,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of AMT. Richards Merrill & Peterson Inc. purchased a new stake in American Tower during the fourth quarter worth approximately $25,000. Oakworth Capital Inc. raised its stake in shares of American Tower by 90.7% in the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 68 shares during the period. Swiss RE Ltd. purchased a new position in shares of American Tower in the 4th quarter valued at $25,000. Triumph Capital Management purchased a new stake in American Tower during the 3rd quarter worth $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in American Tower in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.0%

NYSE:AMT opened at $166.69 on Tuesday. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.43 and a current ratio of 0.43. American Tower Corporation has a one year low of $160.06 and a one year high of $229.07. The business’s 50-day simple moving average is $176.56 and its 200 day simple moving average is $178.30. The stock has a market cap of $77.66 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 0.70 and a beta of 0.91.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $1.24. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the prior year, the business posted $2.75 earnings per share. American Tower’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, sell-side analysts predict that American Tower Corporation will post 10.66 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were paid a dividend of $1.79 per share. This represents a $7.16 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s dividend payout ratio is 115.67%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Mizuho raised American Tower from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. Raymond James Financial reiterated a “strong-buy” rating and set a $240.00 target price on shares of American Tower in a report on Wednesday, April 29th. Barclays reduced their price target on American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. Jefferies Financial Group increased their price objective on shares of American Tower from $209.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings upgraded shares of American Tower from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $215.57.

Insider Activity at American Tower

In other news, EVP Ruth T. Dowling sold 416 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $177.54, for a total transaction of $73,856.64. Following the completion of the sale, the executive vice president owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.08% of the company’s stock.

About American Tower

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.