Gallacher Capital Management LLC Acquires New Shares in American Tower Co. (NYSE:AMT)

Gallacher Capital Management LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,373 shares of the real estate investment trust’s stock, valued at approximately $296,000.

Other institutional investors have also added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new stake in shares of American Tower in the 4th quarter valued at about $29,000. McClarren Financial Advisors Inc. bought a new position in shares of American Tower during the 3rd quarter worth approximately $27,000. Emerald Advisers LLC bought a new stake in American Tower in the 3rd quarter valued at $29,000. Valley National Advisers Inc. boosted its position in American Tower by 200.0% during the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 118 shares during the period. Finally, Oakworth Capital Inc. increased its holdings in shares of American Tower by 157.9% in the fourth quarter. Oakworth Capital Inc. now owns 196 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 120 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on AMT. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Scotiabank lowered their price target on shares of 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. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Morgan Stanley boosted their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. lowered their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus price target of $221.91.

Insider Activity

In related news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares of the company’s stock, valued at $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

American Tower Trading Down 1.7 %

Shares of NYSE:AMT traded down $3.05 during mid-day trading on Monday, reaching $178.69. 2,294,437 shares of the company’s stock were exchanged, compared to its average volume of 2,459,640. The firm has a market capitalization of $83.33 billion, a price-to-earnings ratio of 40.35, a PEG ratio of 1.43 and a beta of 0.71. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The business’s fifty day moving average price is $189.15 and its 200-day moving average price is $194.80.

American Tower (NYSE:AMT) last issued its quarterly 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). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the company posted $2.54 EPS. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts predict that American Tower Co. will post 9.96 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were given a $1.62 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.63%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

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.