Castle Rock Wealth Management LLC Purchases New Stake in American Tower Corp (AMT)
Castle Rock Wealth Management LLC purchased a new position in shares of American Tower Corp (NYSE:AMT) in the fourth quarter, Holdings Channel reports. The fund purchased 2,000 shares of the real estate investment trust’s stock, valued at approximately $345,000.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Quantamental Technologies LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $25,000. Lavaca Capital LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $27,000. WESPAC Advisors SoCal LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $27,000. Acima Private Wealth LLC purchased a new position in shares of American Tower during the 4th quarter valued at about $27,000. Finally, Citizens Financial Group Inc RI increased its stake in shares of American Tower by 62.0% in the 4th quarter. Citizens Financial Group Inc RI now owns 196 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 75 shares in the last quarter. 94.73% of the stock is owned by institutional investors.
AMT has been the subject of several recent analyst reports. Macquarie restated a “buy” rating and issued a $210.00 price target on shares of American Tower in a research note on Thursday, February 28th. Bank of America lifted their price target on American Tower from $172.00 to $208.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Morgan Stanley lowered American Tower from an “overweight” rating to an “equal weight” rating and set a $170.00 price target for the company. in a research note on Wednesday, December 12th. Edward Jones lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, March 13th. Finally, Oppenheimer lowered American Tower from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 28th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $176.88.
American Tower (NYSE:AMT) last released its quarterly earnings data on Wednesday, February 27th. The real estate investment trust reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($1.63). American Tower had a net margin of 16.62% and a return on equity of 19.86%. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. As a group, analysts anticipate that American Tower Corp will post 7.53 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Thursday, April 11th will be given a $0.90 dividend. This is a positive change from American Tower’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Wednesday, April 10th. This represents a $3.60 dividend on an annualized basis and a yield of 1.85%. American Tower’s payout ratio is presently 42.05%.
In other American Tower news, EVP Olivier Puech sold 1,169 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $188.18, for a total value of $219,982.42. Following the sale, the executive vice president now owns 19,147 shares of the company’s stock, valued at $3,603,082.46. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Samme L. Thompson sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $157.11, for a total value of $314,220.00. Following the completion of the sale, the director now directly owns 20,625 shares in the company, valued at approximately $3,240,393.75. The disclosure for this sale can be found here. In the last three months, insiders sold 89,253 shares of company stock worth $15,216,065. 0.87% of the stock is owned by corporate 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 170,000 communications sites.
Read More: Reverse Stock Split
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corp (NYSE:AMT).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.