Family Legacy Inc. Takes Position in American Tower Co. (NYSE:AMT)

Family Legacy Inc. bought a new stake in American Tower Co. (NYSE:AMT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,191 shares of the real estate investment trust’s stock, valued at approximately $257,000.

Several other hedge funds also recently modified their holdings of AMT. McClarren Financial Advisors Inc. bought a new position in shares of American Tower in the 3rd quarter valued at about $27,000. Emerald Advisers LLC bought a new position in American Tower during the 3rd quarter worth approximately $29,000. Thompson Investment Management Inc. bought a new position in American Tower during the 4th quarter worth approximately $29,000. Pinnacle Holdings LLC bought a new position in American Tower during the 1st quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new position in American Tower during the 2nd quarter worth approximately $30,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 0.7 %

Shares of NYSE AMT traded down $1.46 during midday trading on Tuesday, reaching $194.10. The company’s stock had a trading volume of 1,778,009 shares, compared to its average volume of 2,337,384. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The stock has a market capitalization of $90.52 billion, a price-to-earnings ratio of 61.04, a PEG ratio of 1.33 and a beta of 0.68. The stock has a 50 day simple moving average of $196.64 and a 200-day simple moving average of $191.96.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same quarter last year, the business earned $2.34 earnings per share. American Tower’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities research analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.34%. American Tower’s dividend payout ratio (DPR) is presently 213.84%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AMT. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Barclays lifted their price objective on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. HSBC initiated coverage on shares of American Tower in a report on Thursday, December 14th. They set a “buy” rating and a $245.00 target price on the stock. Finally, BMO Capital Markets dropped their target price on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $217.55.

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.