Canal Capital Management LLC Purchases Shares of 867 American Tower Co. (NYSE:AMT)

Canal Capital Management LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 867 shares of the real estate investment trust’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brookstone Capital Management lifted its holdings in shares of American Tower by 1.6% in the first quarter. Brookstone Capital Management now owns 6,108 shares of the real estate investment trust’s stock valued at $1,207,000 after purchasing an additional 96 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in American Tower by 6.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,451 shares of the real estate investment trust’s stock valued at $682,000 after acquiring an additional 210 shares in the last quarter. Cypress Wealth Services LLC acquired a new position in American Tower during the 1st quarter worth approximately $339,000. Register Financial Advisors LLC bought a new position in shares of American Tower during the 1st quarter worth approximately $74,000. Finally, Capital Insight Partners LLC grew its stake in shares of American Tower by 31.1% during the 1st quarter. Capital Insight Partners LLC now owns 2,937 shares of the real estate investment trust’s stock worth $580,000 after acquiring an additional 696 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on AMT. Royal Bank of Canada increased their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Barclays upped their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, TD Cowen upped their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $237.92.

Insider Transactions at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares of the company’s stock, valued at $14,223,890. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’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 completion of the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.7 %

AMT opened at $227.40 on Friday. The stock’s fifty day simple moving average is $228.58 and its 200 day simple moving average is $207.19. American Tower Co. has a 1-year low of $162.55 and a 1-year high of $243.56. The stock has a market cap of $106.21 billion, a PE ratio of 42.46, a price-to-earnings-growth ratio of 1.08 and a beta of 0.83. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the previous year, the company earned $2.46 earnings per share. American Tower’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts expect that American Tower Co. will post 10.12 earnings per share for the current year.

American Tower Announces Dividend

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

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.