Miracle Mile Advisors LLC Acquires 661 Shares of American Tower Co. (NYSE:AMT)

Miracle Mile Advisors LLC boosted its position in shares of American Tower Co. (NYSE:AMT) by 20.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,909 shares of the real estate investment trust’s stock after acquiring an additional 661 shares during the period. Miracle Mile Advisors LLC’s holdings in American Tower were worth $772,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alera Investment Advisors LLC raised its stake in American Tower by 1.3% during the 4th quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after acquiring an additional 51 shares during the period. Allstate Corp grew its holdings in American Tower by 3.1% during the 4th quarter. Allstate Corp now owns 1,750 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 53 shares in the last quarter. Augustine Asset Management Inc. grew its holdings in American Tower by 0.8% during the 4th quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock valued at $1,531,000 after buying an additional 56 shares in the last quarter. McIlrath & Eck LLC grew its holdings in American Tower by 13.9% during the 4th quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust’s stock valued at $99,000 after buying an additional 56 shares in the last quarter. Finally, Glassman Wealth Services grew its holdings in American Tower by 4.7% during the 4th quarter. Glassman Wealth Services now owns 1,242 shares of the real estate investment trust’s stock valued at $268,000 after buying an additional 56 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other news, EVP Sanjay Goel sold 3,504 shares of American Tower stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the sale, the executive vice president now directly owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AMT shares. Mizuho started coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. BMO Capital Markets cut their target price on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Barclays cut their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, Morgan Stanley raised their target price on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $221.67.

American Tower Trading Down 0.2 %

NYSE AMT traded down $0.36 on Monday, hitting $194.02. 1,612,270 shares of the stock were exchanged, compared to its average volume of 2,416,086. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day moving average price of $188.22 and a two-hundred day moving average price of $194.95. The firm has a market capitalization of $90.60 billion, a P/E ratio of 43.90, a P/E/G ratio of 1.39 and a beta of 0.81. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the business posted $2.54 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. Research analysts forecast that American Tower Co. will post 10.03 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $6.48 annualized dividend and a dividend yield of 3.34%. American Tower’s dividend payout ratio (DPR) is 146.61%.

American Tower Company 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.