OneAscent Financial Services LLC Purchases New Position in American Tower Co. (NYSE:AMT)

OneAscent Financial Services LLC purchased a new position in shares of American Tower Co. (NYSE:AMT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,294 shares of the real estate investment trust's stock, valued at approximately $421,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMT. Roxbury Financial LLC acquired a new position in shares of American Tower in the fourth quarter worth about $32,000. Graney & King LLC acquired a new position in shares of American Tower in the 4th quarter valued at approximately $32,000. Legacy Investment Solutions LLC purchased a new position in shares of American Tower during the 3rd quarter valued at approximately $34,000. Crowley Wealth Management Inc. acquired a new stake in shares of American Tower during the fourth quarter worth approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in shares of American Tower in the fourth quarter worth $46,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AMT shares. The Goldman Sachs Group reduced their price objective on shares of American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. JMP Securities assumed coverage on American Tower in a research note on Monday, January 27th. They issued an "outperform" rating and a $225.00 price target for the company. Wells Fargo & Company upgraded American Tower from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $210.00 to $230.00 in a research note on Monday, March 17th. Morgan Stanley assumed coverage on American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price for the company. Finally, Scotiabank dropped their price target on American Tower from $236.00 to $220.00 and set a "sector outperform" rating on the stock in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $232.07.

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American Tower Stock Performance

Shares of AMT traded up $3.17 during trading hours on Wednesday, reaching $207.83. 5,646,489 shares of the company's stock traded hands, compared to its average volume of 2,473,077. The firm has a market capitalization of $97.15 billion, a price-to-earnings ratio of 87.69, a P/E/G ratio of 1.29 and a beta of 0.87. The business's fifty day simple moving average is $204.27 and its two-hundred day simple moving average is $203.20. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business's revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the business earned $2.29 earnings per share. 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 announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be issued a dividend of $1.70 per share. 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 yield of 3.27%. The ex-dividend date of this dividend is Friday, April 11th. American Tower's payout ratio is presently 141.37%.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on 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 transaction, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by corporate insiders.

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.