Alpha Cubed Investments LLC Increases Stock Holdings in American Tower Co. (NYSE:AMT)

Alpha Cubed Investments LLC grew its position in American Tower Co. (NYSE:AMT - Free Report) by 71.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,710 shares of the real estate investment trust's stock after buying an additional 47,309 shares during the quarter. American Tower accounts for approximately 1.4% of Alpha Cubed Investments LLC's holdings, making the stock its 24th biggest holding. Alpha Cubed Investments LLC's holdings in American Tower were worth $24,548,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Thompson Investment Management Inc. acquired a new stake in shares of American Tower during the fourth quarter valued at $29,000. McClarren Financial Advisors Inc. acquired a new stake in shares of American Tower during the third quarter valued at $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower during the third quarter valued at $29,000. Valley National Advisers Inc. boosted its stake in shares of American Tower by 200.0% during the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust's stock valued at $38,000 after acquiring an additional 118 shares during the last quarter. Finally, Oakworth Capital Inc. boosted its stake in shares of American Tower by 157.9% during the fourth quarter. Oakworth Capital Inc. now owns 196 shares of the real estate investment trust's stock valued at $42,000 after acquiring an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Down 2.0 %

Shares of American Tower stock traded down $3.43 during trading hours on Tuesday, reaching $171.56. The stock had a trading volume of 3,449,962 shares, compared to its average volume of 2,431,712. The firm has a 50 day simple moving average of $190.05 and a two-hundred day simple moving average of $194.49. The firm has a market capitalization of $80.01 billion, a price-to-earnings ratio of 55.05, a P/E/G ratio of 1.36 and a beta of 0.67. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing the consensus estimate of $2.10 by ($1.16). The company had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 earnings per share. As a group, equities research analysts anticipate that American Tower Co. will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.78%. American Tower's payout ratio is currently 203.77%.

Insider Activity at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Mizuho initiated coverage on American Tower in a research note on Monday, April 8th. They set a "neutral" rating and a $205.00 price objective on the stock. BMO Capital Markets decreased their price target on American Tower from $235.00 to $228.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 28th. JPMorgan Chase & Co. decreased their price target on American Tower from $236.00 to $230.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 28th. Barclays raised their price target on American Tower from $224.00 to $234.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 5th. Finally, StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a research note on Friday, March 1st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $217.36.

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.

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