AlphaCore Capital LLC Takes $321,000 Position in American Tower Corporation (NYSE:AMT)

Key Points

• AlphaCore Capital LLC purchased a new stake in American Tower Corporation, acquiring 1,477 shares valued at approximately $321,000.
• CEO Juan Font sold 720 shares on July 31st for approximately $149,997.60, decreasing his ownership in the company by 2.98%.
• American Tower recently announced a quarterly dividend of $1.70, resulting in an annualized dividend yield of 3.3% despite a high dividend payout ratio of 247.27%.

AlphaCore Capital LLC acquired a new stake in shares of American Tower Corporation (NYSE:AMT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,477 shares of the real estate investment trust's stock, valued at approximately $321,000.

A number of other large investors also recently bought and sold shares of AMT. Brighton Jones LLC boosted its holdings in American Tower by 113.0% during the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after acquiring an additional 2,104 shares during the period. FIL Ltd boosted its holdings in American Tower by 73.5% during the 4th 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 period. Renaissance Technologies LLC boosted its holdings in American Tower by 158.6% during the 4th quarter. Renaissance Technologies LLC now owns 115,839 shares of the real estate investment trust's stock valued at $21,246,000 after acquiring an additional 71,039 shares during the period. Covestor Ltd boosted its holdings in American Tower by 78.0% during the 4th quarter. Covestor Ltd now owns 429 shares of the real estate investment trust's stock valued at $78,000 after acquiring an additional 188 shares during the period. Finally, Petros Family Wealth LLC purchased a new position in American Tower during the 4th quarter valued at $560,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Insider Buying and Selling at American Tower

In other news, CEO Juan Font sold 720 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $208.33, for a total value of $149,997.60. Following the sale, the chief executive officer owned 23,425 shares in the company, valued at $4,880,130.25. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company's stock.

American Tower Stock Down 1.7%

Shares of AMT stock opened at $206.51 on Friday. The stock's 50-day simple moving average is $218.37 and its 200-day simple moving average is $211.24. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $96.70 billion, a PE ratio of 75.09, a P/E/G ratio of 1.18 and a beta of 0.82. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56.

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

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 dividend yield of 3.3%. American Tower's dividend payout ratio is currently 247.27%.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of recent analyst reports. Hsbc Global Res cut American Tower from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays upped their target price on American Tower from $223.00 to $246.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. HSBC cut American Tower from a "buy" rating to a "hold" rating and set a $235.00 target price for the company. in a report on Wednesday, July 30th. Royal Bank Of Canada upped their target price on American Tower from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company lowered their target price on American Tower from $240.00 to $230.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of "Moderate Buy" and an average price target of $243.88.

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.

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