Summit Securities Group LLC Takes $312,000 Position in American Tower Co. (NYSE:AMT)

Summit Securities Group LLC purchased a new position in American Tower Co. (NYSE:AMT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,700 shares of the real estate investment trust's stock, valued at approximately $312,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Schroder Investment Management Group increased its position in shares of American Tower by 16.4% in the 4th quarter. Schroder Investment Management Group now owns 474,325 shares of the real estate investment trust's stock valued at $86,289,000 after acquiring an additional 66,990 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in American Tower by 11.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,515,588 shares of the real estate investment trust's stock valued at $277,974,000 after purchasing an additional 160,519 shares during the last quarter. Allianz SE acquired a new position in shares of American Tower in the fourth quarter valued at about $5,494,000. OneAscent Wealth Management LLC raised its stake in shares of American Tower by 8.0% in the fourth quarter. OneAscent Wealth Management LLC now owns 1,238 shares of the real estate investment trust's stock worth $227,000 after purchasing an additional 92 shares during the last quarter. Finally, Allstate Corp lifted its holdings in shares of American Tower by 55.0% during the fourth quarter. Allstate Corp now owns 27,245 shares of the real estate investment trust's stock worth $4,997,000 after purchasing an additional 9,667 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

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Analyst Ratings Changes

Several equities analysts recently weighed in on AMT shares. JMP Securities began coverage on shares of American Tower in a report on Monday, January 27th. They issued an "outperform" rating and a $225.00 price target on the stock. Barclays raised their target price on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Citigroup upped their price target on shares of American Tower from $220.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 10th. Hsbc Global Res upgraded American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Finally, The Goldman Sachs Group lowered their target price on American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has a consensus rating of "Buy" and a consensus target price of $232.07.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the sale, the chief financial officer now owns 62,792 shares of the company's stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.

American Tower Price Performance

NYSE AMT traded up $7.89 on Thursday, hitting $225.79. The company had a trading volume of 2,202,008 shares, compared to its average volume of 2,534,403. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company's fifty day moving average price is $200.67 and its 200-day moving average price is $204.16. The company has a market capitalization of $105.55 billion, a PE ratio of 95.27, a PEG ratio of 1.29 and a beta of 0.85. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.29 earnings per share. As a group, analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a $1.70 dividend. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.01%. American Tower's payout ratio is currently 141.37%.

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.