Miracle Mile Advisors LLC Raises Stock Holdings in American Tower Co. (NYSE:AMT)

Miracle Mile Advisors LLC grew its stake in American Tower Co. (NYSE:AMT) by 20.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,909 shares of the real estate investment trust’s stock after purchasing 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 reporting period.

Other institutional investors have also modified their holdings of the company. Cross Staff Investments Inc grew its holdings in American Tower by 5.1% in the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 244 shares during the last quarter. Gateway Investment Advisers LLC lifted its position in shares of American Tower by 57.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after acquiring an additional 13,074 shares in the last quarter. Anchor Capital Advisors LLC lifted its position in American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after buying an additional 21,139 shares during the period. Meyer Handelman Co. purchased a new position in American Tower during the first quarter worth about $801,000. Finally, TD Asset Management Inc lifted its position in American Tower by 23.2% during the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock worth $59,459,000 after buying an additional 51,882 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

American Tower stock traded down $0.36 during mid-day trading on Monday, hitting $194.02. 1,612,270 shares of the company’s stock traded hands, compared to its average volume of 2,416,086. The firm has a 50 day moving average price of $188.22 and a 200 day moving average price of $194.95. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The company has a market cap of $90.60 billion, a PE ratio of 43.90, a price-to-earnings-growth ratio of 1.39 and a beta of 0.81. American Tower Co. has a one year low of $154.58 and a one year high of $219.10.

American Tower (NYSE:AMT) last announced 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). The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 EPS. On average, equities analysts forecast that American Tower Co. will post 10.03 EPS for the current year.

American Tower Announces Dividend

The company also recently declared 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. This represents a $6.48 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio (DPR) is presently 146.61%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AMT. The Goldman Sachs Group began coverage on American Tower in a research report on Monday. They set a “buy” rating and a $230.00 target price on the stock. Barclays reduced their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. BMO Capital Markets reduced their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.67.

Insider Activity

In other news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

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.