ABC Arbitrage SA Buys Shares of 2,077 American Tower Corporation (NYSE:AMT)

Key Points

• ABC Arbitrage SA has invested approximately $452,000 in American Tower Corporation by acquiring 2,077 shares during the first quarter, according to a recent SEC filing.
• Analysts have mixed ratings for American Tower, with thirteen analysts assigning a buy rating, while some, like HSBC, have downgraded it from "strong-buy" to "hold."
• The company announced a quarterly dividend of $1.70 per share, representing an annual yield of 3.2%, although it has a high dividend payout ratio of 247.27%.

ABC Arbitrage SA purchased a new stake in American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,077 shares of the real estate investment trust's stock, valued at approximately $452,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AMT. North Capital Inc. bought a new stake in American Tower during the 1st quarter worth about $25,000. Hopwood Financial Services Inc. increased its position in shares of American Tower by 100.0% in the first quarter. Hopwood Financial Services Inc. now owns 120 shares of the real estate investment trust's stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new stake in American Tower during the first quarter worth about $31,000. Lowe Wealth Advisors LLC boosted its position in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 109 shares during the last quarter. Finally, Minot DeBlois Advisors LLC acquired a new position in shares of American Tower during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank Of Canada increased their price objective on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Bank of America assumed coverage on shares of American Tower in a research report on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. The Goldman Sachs Group reaffirmed a "buy" rating on shares of American Tower in a report on Tuesday, July 29th. Barclays lifted their price target on American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Raymond James Financial set a $250.00 price objective on American Tower and gave the company a "strong-buy" rating in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $243.88.

American Tower Stock Performance

Shares of AMT stock traded down $3.50 on Friday, hitting $206.51. The company's stock had a trading volume of 1,727,522 shares, compared to its average volume of 2,116,492. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a market capitalization of $96.70 billion, a PE ratio of 75.09, a PEG ratio of 1.20 and a beta of 0.82. The stock's 50 day moving average is $218.53 and its 200-day moving average is $210.94. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.59 by $0.01. American Tower had a net margin of 12.60% and a return on equity of 24.85%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the business posted $2.79 EPS. The business's revenue was down 9.4% compared to the same quarter last year. Equities research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 13th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio is presently 247.27%.

Insider Buying and Selling at American Tower

In related news, CEO Juan Font sold 720 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the transaction, the chief executive officer owned 23,425 shares in the company, valued at approximately $4,880,130.25. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company's stock.

American Tower 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.