Fulton Breakefield Broenniman LLC Boosts Stake in American Tower Co. (NYSE:AMT)

Fulton Breakefield Broenniman LLC increased its position in American Tower Co. (NYSE:AMT) by 5.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,780 shares of the real estate investment trust’s stock after purchasing an additional 90 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in American Tower were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in AMT. Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 1st quarter valued at $25,000. Fairscale Capital LLC purchased a new stake in American Tower in the second quarter worth about $27,000. Cultivar Capital Inc. purchased a new stake in American Tower in the second quarter worth about $25,000. Hobbs Group Advisors LLC bought a new position in shares of American Tower during the second quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of American Tower during the first quarter valued at approximately $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

Shares of NYSE:AMT opened at $227.58 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The stock has a market capitalization of $106.30 billion, a PE ratio of 42.78, a price-to-earnings-growth ratio of 1.01 and a beta of 0.83. The firm’s 50 day moving average price is $228.54 and its 200-day moving average price is $206.06. American Tower Co. has a twelve month low of $157.25 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the business posted $2.46 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Wednesday, October 9th. American Tower’s payout ratio is 121.80%.

Insider Transactions at American Tower

In related news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Olivier Puech sold 10,005 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock valued at $7,795,397 over the last quarter. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Barclays raised their price target on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. TD Cowen upped their price target on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. BMO Capital Markets raised their price objective on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. increased their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $235.21.

American Tower Company 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.