Edge Wealth Management LLC Acquires 68 Shares of American Tower Co. (NYSE:AMT)

Edge Wealth Management LLC grew its holdings in shares of American Tower Co. (NYSE:AMT) by 0.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 64,322 shares of the real estate investment trust’s stock after acquiring an additional 68 shares during the period. American Tower comprises 2.7% of Edge Wealth Management LLC’s holdings, making the stock its 16th largest holding. Edge Wealth Management LLC’s holdings in American Tower were worth $12,709,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AMT. Northwest Investment Counselors LLC acquired a new position in American Tower in the first quarter valued at approximately $25,000. Gold Investment Management Ltd. bought a new stake in shares of American Tower in the 4th quarter valued at $28,000. Thompson Investment Management Inc. acquired a new position in shares of American Tower during the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. bought a new position in American Tower during the first quarter worth $30,000. Finally, Private Wealth Management Group LLC acquired a new stake in American Tower in the fourth quarter worth $31,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insider Activity

In other American Tower news, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction on Tuesday, June 4th. The shares were 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 owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other American Tower news, Director Robert D. Hormats sold 700 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction dated 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 owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Up 0.4 %

AMT stock traded up $0.71 on Friday, reaching $196.03. 143,876 shares of the company traded hands, compared to its average volume of 2,404,110. The company has a market cap of $91.54 billion, a P/E ratio of 44.18, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a fifty day simple moving average of $187.27 and a 200-day simple moving average of $195.21. American Tower Co. has a one year low of $154.58 and a one year high of $219.10.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.54 EPS. Research analysts anticipate that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.31%. American Tower’s dividend payout ratio (DPR) is 146.61%.

Analysts Set New Price Targets

AMT has been the topic of a number of research analyst reports. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Barclays cut their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Scotiabank decreased their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Morgan Stanley increased their target price on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $220.91.

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.