Park Place Capital Corp Has $781,000 Position in American Tower Co. (NYSE:AMT)

Park Place Capital Corp boosted its stake in shares of American Tower Co. (NYSE:AMT) by 92.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,020 shares of the real estate investment trust’s stock after purchasing an additional 1,928 shares during the quarter. Park Place Capital Corp’s holdings in American Tower were worth $781,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in American Tower in the 1st quarter worth $25,000. Gold Investment Management Ltd. acquired a new position in shares of American Tower during the 4th quarter worth about $28,000. SOA Wealth Advisors LLC. bought a new stake in American Tower during the 1st quarter valued at approximately $30,000. Private Wealth Management Group LLC acquired a new stake in American Tower in the 4th quarter valued at approximately $31,000. Finally, Rational Advisors LLC bought a new position in American Tower in the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Up 2.9 %

NYSE AMT traded up $6.71 during trading hours on Friday, reaching $234.64. 4,750,517 shares of the company’s stock were exchanged, compared to its average volume of 1,800,808. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.85 and a current ratio of 0.81. The company has a market capitalization of $109.57 billion, a price-to-earnings ratio of 53.09, a price-to-earnings-growth ratio of 1.65 and a beta of 0.81. The company’s 50-day moving average is $201.02 and its two-hundred day moving average is $194.12. American Tower Co. has a one year low of $154.58 and a one year high of $236.00.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.52). The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.46 EPS. On average, analysts forecast that American Tower Co. will post 10.04 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 14th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 2.76%. The ex-dividend date was Friday, June 14th. American Tower’s payout ratio is 146.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AMT. Wells Fargo & Company boosted their target price on shares of American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. Barclays lowered their price target on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Morgan Stanley raised their price objective on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group initiated coverage on American Tower in a research report on Monday, July 1st. They set a “buy” rating and a $230.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.42.

Insiders Place Their Bets

In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were 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 of the company’s stock, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

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.