Pasadena Private Wealth LLC Invests $323,000 in American Tower Corporation (NYSE:AMT)

Key Points

• Pasadena Private Wealth LLC has invested approximately $323,000 in American Tower Corporation, acquiring 1,484 shares of the real estate investment trust's stock in the first quarter.
• American Tower reported a quarterly revenue of $2.63 billion, which surpassed analysts' expectations, but the revenue represents a 9.4% decline year-over-year.
• The company's recent dividend payout was $1.70 per share, equating to an annualized dividend of $6.80 and a dividend yield of 3.26%.

Pasadena Private Wealth LLC bought a new position in shares of American Tower Corporation (NYSE:AMT - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,484 shares of the real estate investment trust's stock, valued at approximately $323,000.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC increased its position 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 acquiring an additional 2,104 shares during the period. Tradewinds LLC. acquired a new stake in American Tower in the 4th quarter valued at approximately $254,000. Diametric Capital LP acquired a new stake in American Tower in the 4th quarter valued at approximately $348,000. Headlands Technologies LLC increased its position in American Tower by 8.6% in the 4th quarter. Headlands Technologies LLC now owns 3,188 shares of the real estate investment trust's stock valued at $585,000 after acquiring an additional 252 shares during the period. Finally, Meeder Advisory Services Inc. increased its position in American Tower by 3.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 6,622 shares of the real estate investment trust's stock valued at $1,215,000 after acquiring an additional 251 shares during the period. Institutional investors own 92.69% of the company's stock.

Insiders Place Their Bets

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

American Tower Stock Up 1.8%

Shares of American Tower stock traded up $3.79 during midday trading on Friday, hitting $212.18. The company's stock had a trading volume of 3,232,190 shares, compared to its average volume of 1,893,405. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. American Tower Corporation has a 1-year low of $172.51 and a 1-year high of $243.56. The stock has a 50-day simple moving average of $218.73 and a 200-day simple moving average of $210.53. The firm has a market capitalization of $99.33 billion, a P/E ratio of 77.16, a PEG ratio of 1.17 and a beta of 0.82.

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 (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.01. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same period last year, the company earned $2.79 earnings per share. American Tower's quarterly revenue was down 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share 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 dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date was Friday, June 13th. American Tower's dividend payout ratio (DPR) is 247.27%.

Analysts Set New Price Targets

Several research firms recently commented on AMT. BMO Capital Markets lowered their target price on American Tower from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Wednesday. Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They set a "buy" rating and a $255.00 price target on the stock. UBS Group lifted their price target on American Tower from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. JMP Securities lifted their price target on American Tower from $248.00 to $260.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 30th. Finally, Royal Bank Of Canada lifted their price target on American Tower from $250.00 to $260.00 and gave the company an "outperform" rating in a research report on Thursday. Four 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, American Tower currently has a consensus rating of "Moderate Buy" and an average target price 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.