Rossby Financial LCC Invests $486,000 in American Tower Co. (NYSE:AMT)

Rossby Financial LCC acquired a new stake in American Tower Co. (NYSE:AMT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 2,649 shares of the real estate investment trust’s stock, valued at approximately $486,000.

Several other institutional investors also recently bought and sold shares of AMT. Glenview Trust co increased its stake in shares of American Tower by 0.8% during the fourth quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after acquiring an additional 54 shares during the period. CreativeOne Wealth LLC increased its position in American Tower by 2.1% during the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock worth $477,000 after purchasing an additional 54 shares during the period. Precedent Wealth Partners LLC raised its stake in shares of American Tower by 4.7% during the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock worth $235,000 after buying an additional 58 shares in the last quarter. Resonant Capital Advisors LLC lifted its holdings in shares of American Tower by 5.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 61 shares during the period. Finally, Calamos Wealth Management LLC boosted its stake in shares of American Tower by 2.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock valued at $398,000 after buying an additional 61 shares in the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

NYSE:AMT opened at $217.66 on Tuesday. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The firm has a market cap of $101.75 billion, a price-to-earnings ratio of 91.84, a price-to-earnings-growth ratio of 1.29 and a beta of 0.87. The company’s 50-day moving average is $205.92 and its two-hundred day moving average is $202.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.29 earnings per share. Research analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is currently 141.37%.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Mizuho reduced their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Citigroup raised their price objective on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Barclays upped their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Morgan Stanley initiated coverage on shares of American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target for the company. Finally, Citizens Jmp upgraded American Tower to a “strong-buy” rating in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, American Tower has a consensus rating of “Buy” and a consensus target price of $232.07.

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.