WealthShield Partners LLC Purchases 2,438 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• WealthShield Partners LLC has increased its stake in American Tower Corporation by 23.1%, now owning 12,996 shares valued at approximately $2.83 million as of the latest SEC filing.
• American Tower's CEO, Juan Font, recently sold 720 shares at a price of $208.33, leading to a decrease in his personal ownership of the stock.
• Despite reporting a 9.4% year-over-year revenue decline, American Tower exceeded earnings expectations with $2.60 per share, above the analyst consensus of $2.59.

WealthShield Partners LLC lifted its stake in American Tower Corporation (NYSE:AMT - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,996 shares of the real estate investment trust's stock after acquiring an additional 2,438 shares during the period. WealthShield Partners LLC's holdings in American Tower were worth $2,828,000 at the end of the most recent reporting period.

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

American Tower Trading Down 1.7%

NYSE AMT traded down $3.50 during trading hours 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 twelve month low of $172.51 and a twelve month high of $243.56. The firm has a market capitalization of $96.70 billion, a P/E ratio of 75.09, a PEG ratio of 1.20 and a beta of 0.82. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 3.36. The stock has a fifty day moving average of $218.53 and a 200 day moving average of $210.94.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results 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. American Tower had a return on equity of 24.85% and a net margin of 12.60%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the business posted $2.79 EPS. The firm's quarterly revenue was down 9.4% on a year-over-year basis. Equities research analysts forecast that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm 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. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 3.3%. American Tower's payout ratio is currently 247.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. BMO Capital Markets restated an "outperform" rating and issued a $245.00 target price (down previously from $250.00) on shares of American Tower in a research note on Wednesday, July 30th. Wells Fargo & Company decreased their price objective on shares of American Tower from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of American Tower in a research note on Tuesday, July 29th. Raymond James Financial set a $250.00 price target on American Tower and gave the stock a "strong-buy" rating in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their price objective on American Tower from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $243.88.

Insiders Place Their Bets

In other American Tower news, CEO Juan Font sold 720 shares of the 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 completion of the sale, the chief executive officer directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company's stock.

About American Tower

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.