Adams Diversified Equity Fund Inc. Purchases New Position in American Tower Co. (NYSE:AMT)

Adams Diversified Equity Fund Inc. purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 71,000 shares of the real estate investment trust’s stock, valued at approximately $16,512,000.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC increased its holdings in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in American Tower during the 2nd quarter valued at about $27,000. Northwest Investment Counselors LLC purchased a new position in American Tower during the 3rd quarter valued at about $30,000. Cultivar Capital Inc. purchased a new position in American Tower during the 2nd quarter valued at about $25,000. Finally, Hobbs Group Advisors LLC purchased a new position in American Tower during the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Steven O. Vondran sold 21,537 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares in the company, valued at $14,223,890. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,723 shares of company stock valued at $7,795,397. 0.18% of the stock is owned by insiders.

American Tower Stock Performance

Shares of AMT opened at $212.91 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The business’s 50 day moving average price is $228.70 and its 200-day moving average price is $208.39. American Tower Co. has a 52 week low of $169.70 and a 52 week high of $243.56. The stock has a market cap of $99.45 billion, a P/E ratio of 40.02, a P/E/G ratio of 1.09 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business’s revenue was down 10.5% compared to the same quarter last year. During the same period last year, the company posted $2.58 earnings per share. Equities research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.04%. American Tower’s payout ratio is 121.80%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AMT shares. BMO Capital Markets upped their target price on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Finally, TD Cowen upped their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.92.

American Tower 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.