Clearstead Trust LLC Acquires 9,591 Shares of American Tower Co. (NYSE:AMT)

Clearstead Trust LLC lifted its holdings in shares of American Tower Co. (NYSE:AMT) by 257.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,312 shares of the real estate investment trust’s stock after purchasing an additional 9,591 shares during the period. American Tower comprises approximately 0.6% of Clearstead Trust LLC’s investment portfolio, making the stock its 29th largest holding. Clearstead Trust LLC’s holdings in American Tower were worth $2,588,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 1st quarter worth $25,000. Cultivar Capital Inc. purchased a new stake in American Tower in the 2nd quarter worth about $25,000. Gold Investment Management Ltd. purchased a new stake in American Tower in the 4th quarter worth about $28,000. Hobbs Group Advisors LLC purchased a new stake in American Tower in the 2nd quarter worth about $29,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in American Tower in the 1st quarter worth about $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Stock Performance

NYSE:AMT opened at $240.32 on Tuesday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56. The business has a 50 day moving average of $221.93 and a 200 day moving average of $201.52. The company has a market capitalization of $112.25 billion, a price-to-earnings ratio of 54.37, a PEG ratio of 1.57 and a beta of 0.83.

American Tower (NYSE:AMT) last announced 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 quarter in the previous year, the firm posted $2.46 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, sell-side analysts predict that American Tower Co. will post 10.18 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.70%. American Tower’s payout ratio is 146.61%.

Insider Buying and Selling

In related news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was 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 of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total value of $508,020.33. Following the transaction, the chief accounting officer now directly owns 31,873 shares in the company, valued at $7,424,177.89. The disclosure for this sale can be found here. Insiders have sold a total of 33,723 shares of company stock valued at $7,795,397 over the last ninety days. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. lifted their target price on American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. The Goldman Sachs Group assumed coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 target price for the company. Royal Bank of Canada lifted their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, TD Cowen lifted their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $233.29.

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.