Legacy Capital Group California Inc. Invests $224,000 in American Tower Corporation (NYSE:AMT)

Legacy Capital Group California Inc. purchased a new stake in shares of American Tower Corporation (NYSE:AMT) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,029 shares of the real estate investment trust’s stock, valued at approximately $224,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC raised its holdings in American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock valued at $727,000 after buying an additional 2,104 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its position in shares of American Tower by 24.2% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,802 shares of the real estate investment trust’s stock valued at $1,064,000 after acquiring an additional 1,132 shares during the last quarter. FIL Ltd increased its position in shares of American Tower by 73.5% during the fourth quarter. FIL Ltd now owns 66,061 shares of the real estate investment trust’s stock valued at $12,116,000 after acquiring an additional 27,983 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of American Tower by 5.3% in the 4th quarter. Bank of Nova Scotia now owns 63,626 shares of the real estate investment trust’s stock valued at $11,669,000 after acquiring an additional 3,231 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of American Tower by 158.6% in the 4th quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust’s stock worth $21,246,000 after acquiring an additional 71,039 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AMT. Wells Fargo & Company dropped their target price on shares of American Tower from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Bank of America initiated coverage on American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective for the company. Barclays increased their target price on American Tower from $223.00 to $246.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada raised their target price on American Tower from $250.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Finally, HSBC lowered shares of American Tower from a “buy” rating to a “hold” rating and set a $235.00 price target on the stock. in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $243.88.

Insider Transactions at American Tower

In other news, CEO Juan Font sold 720 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total transaction of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares of the company’s stock, valued at $4,880,130.25. The trade was a 2.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $208.97 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a 50 day simple moving average of $218.61 and a 200-day simple moving average of $210.81. The company has a market cap of $97.83 billion, a price-to-earnings ratio of 75.99, a price-to-earnings-growth ratio of 1.16 and a beta of 0.82. American Tower Corporation has a 12-month low of $172.51 and a 12-month high of $243.56.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.59 by $0.01. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.58 billion. American Tower had a return on equity of 24.85% and a net margin of 12.60%. American Tower’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.79 earnings per share. On average, equities analysts forecast that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were issued a $1.70 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. American Tower’s dividend payout ratio (DPR) is 247.27%.

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.