McElhenny Sheffield Capital Management LLC Buys Shares of 489 American Tower Co. (NYSE:AMT)

McElhenny Sheffield Capital Management LLC purchased a new position in American Tower Co. (NYSE:AMT – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 489 shares of the real estate investment trust’s stock, valued at approximately $104,000.

A number of other large investors also recently modified their holdings of AMT. EWG Elevate Inc. bought a new position in American Tower in the 4th quarter valued at about $25,000. Pinnacle Holdings LLC acquired a new stake in shares of American Tower in the 1st quarter worth approximately $29,000. Activest Wealth Management lifted its stake in shares of American Tower by 379.3% in the 3rd quarter. Activest Wealth Management now owns 139 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 110 shares during the period. Eagle Bay Advisors LLC acquired a new stake in shares of American Tower in the 2nd quarter worth approximately $30,000. Finally, Tortoise Investment Management LLC lifted its stake in shares of American Tower by 76.8% in the 3rd quarter. Tortoise Investment Management LLC now owns 145 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 63 shares during the period. 89.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AMT shares. Morgan Stanley upped their price target on shares of American Tower from $219.00 to $224.00 and gave the stock an “equal weight” rating in a research note on Monday, January 23rd. StockNews.com started coverage on shares of American Tower in a research note on Thursday. They issued a “hold” rating for the company. Credit Suisse Group reduced their price target on shares of American Tower from $251.00 to $244.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Truist Financial reduced their price target on shares of American Tower from $325.00 to $275.00 and set a “buy” rating for the company in a research note on Friday, January 13th. Finally, Royal Bank of Canada cut their target price on shares of American Tower from $240.00 to $230.00 and set an “outperform” rating for the company in a research note on Monday, March 6th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $260.31.

American Tower Stock Down 1.8 %

AMT stock opened at $201.35 on Friday. American Tower Co. has a 52-week low of $178.17 and a 52-week high of $282.47. The company’s 50 day simple moving average is $212.26 and its 200-day simple moving average is $215.51. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.54 and a quick ratio of 0.54. The firm has a market capitalization of $93.76 billion, a P/E ratio of 52.44, a P/E/G ratio of 2.17 and a beta of 0.56.

American Tower (NYSE:AMT – Get Rating) last released its quarterly earnings results on Thursday, February 23rd. The real estate investment trust reported ($1.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.16 by ($3.63). American Tower had a net margin of 16.49% and a return on equity of 15.80%. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.68 billion. During the same quarter in the prior year, the firm earned $2.18 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate that American Tower Co. will post 9.24 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, April 14th will be paid a $1.56 dividend. The ex-dividend date of this dividend is Thursday, April 13th. This represents a $6.24 annualized dividend and a yield of 3.10%. American Tower’s dividend payout ratio is presently 162.50%.

Insider Buying and Selling at American Tower

In other American Tower news, Director Raymond P. Dolan sold 1,620 shares of the company’s stock in a transaction that occurred on Friday, January 13th. The shares were sold at an average price of $229.25, for a total value of $371,385.00. Following the transaction, the director now owns 17,473 shares in the company, valued at approximately $4,005,685.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other American Tower news, CFO Rodney M. Smith sold 2,035 shares of the company’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $220.85, for a total value of $449,429.75. Following the transaction, the chief financial officer now owns 48,645 shares in the company, valued at approximately $10,743,248.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Raymond P. Dolan sold 1,620 shares of the company’s stock in a transaction that occurred on Friday, January 13th. The shares were sold at an average price of $229.25, for a total transaction of $371,385.00. Following the completion of the transaction, the director now owns 17,473 shares in the company, valued at approximately $4,005,685.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,587 shares of company stock worth $1,947,849. 0.24% of the stock is currently owned by company insiders.

American Tower Company Profile

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.