American Tower Co. (NYSE:AMT) Shares Purchased by Clear Harbor Asset Management LLC

Clear Harbor Asset Management LLC boosted its holdings in shares of American Tower Co. (NYSE:AMT) by 2.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,229 shares of the real estate investment trust’s stock after buying an additional 526 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in American Tower were worth $4,583,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. McClarren Financial Advisors Inc. purchased a new position in shares of American Tower during the 3rd quarter valued at about $27,000. Emerald Advisers LLC purchased a new position in American Tower during the third quarter valued at approximately $29,000. Thompson Investment Management Inc. acquired a new position in American Tower in the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC purchased a new stake in American Tower in the 1st quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter worth approximately $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on AMT. JPMorgan Chase & Co. dropped their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. BMO Capital Markets cut their price target on American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th. Barclays increased their price target on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. HSBC initiated coverage on American Tower in a research report on Thursday, December 14th. They issued a “buy” rating and a $245.00 price objective for the company. Finally, StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $217.55.

American Tower Price Performance

NYSE AMT traded up $0.21 during trading hours on Thursday, hitting $197.59. 2,168,358 shares of the company’s stock traded hands, compared to its average volume of 2,337,216. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The firm’s 50-day moving average is $196.21 and its 200-day moving average is $192.09. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10. The company has a market capitalization of $92.15 billion, a PE ratio of 62.14, a PEG ratio of 1.34 and a beta of 0.68.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. American Tower’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the company earned $2.34 earnings per share. Equities analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Thursday, April 11th. American Tower’s payout ratio is currently 213.84%.

Insiders Place Their Bets

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by 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.