Valeo Financial Advisors LLC Grows Stock Holdings in American Tower Co. (NYSE:AMT)

Valeo Financial Advisors LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 7.9% in the 4th quarter, Holdings Channel reports. The firm owned 4,277 shares of the real estate investment trust’s stock after buying an additional 312 shares during the period. Valeo Financial Advisors LLC’s holdings in American Tower were worth $923,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. McClarren Financial Advisors Inc. purchased a new stake in American Tower during the third quarter valued at approximately $27,000. Emerald Advisers LLC purchased a new stake in American Tower during the third quarter valued at approximately $29,000. Thompson Investment Management Inc. purchased a new stake in American Tower during the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC purchased a new stake in American Tower during the first quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC purchased a new stake in American Tower during the second quarter valued at approximately $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

AMT stock opened at $179.11 on Friday. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The company has a fifty day simple moving average of $193.88 and a two-hundred day simple moving average of $193.12. The firm has a market capitalization of $83.53 billion, a P/E ratio of 56.32, a price-to-earnings-growth ratio of 1.24 and a beta of 0.67.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the prior year, the company posted $2.34 EPS. The company’s revenue was up 3.0% compared to the same quarter last year. Analysts anticipate that American Tower Co. will post 10.05 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Thursday, April 11th. American Tower’s dividend payout ratio is currently 203.77%.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of recent analyst reports. Mizuho initiated coverage on shares of American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target for the company. Barclays upped their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. BMO Capital Markets dropped their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. JPMorgan Chase & Co. dropped their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $214.91.

Insider Activity

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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.