Steel Grove Capital Advisors LLC Purchases Shares of 1,503 American Tower Co. (NYSE:AMT)

Steel Grove Capital Advisors LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,503 shares of the real estate investment trust’s stock, valued at approximately $297,000.

Several other large investors have also made changes to their positions in AMT. Northwest Investment Counselors LLC purchased a new position in shares of American Tower in the 1st quarter worth about $25,000. Gold Investment Management Ltd. purchased a new position in American Tower in the fourth quarter valued at approximately $28,000. SOA Wealth Advisors LLC. acquired a new position in American Tower during the first quarter valued at approximately $30,000. Private Wealth Management Group LLC purchased a new stake in American Tower during the fourth quarter worth approximately $31,000. Finally, Rational Advisors LLC acquired a new stake in shares of American Tower in the first quarter worth $35,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analysts Set New Price Targets

Several analysts recently issued reports on AMT shares. Wells Fargo & Company increased their price target on American Tower from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Barclays reduced their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Morgan Stanley boosted their target price on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target for the company. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average target price of $222.92.

American Tower Stock Up 1.8 %

Shares of American Tower stock traded up $3.80 during trading on Friday, reaching $213.72. The company had a trading volume of 1,548,313 shares, compared to its average volume of 1,581,128. The company has a market cap of $99.80 billion, a price-to-earnings ratio of 48.35, a price-to-earnings-growth ratio of 1.50 and a beta of 0.81. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The firm’s fifty day moving average is $197.59 and its 200-day moving average is $193.65. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the business earned $2.54 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, analysts anticipate that American Tower Co. will post 10.04 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 14th were given a $1.62 dividend. The ex-dividend date was Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.03%. American Tower’s payout ratio is currently 146.61%.

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.