Ellis Investment Partners LLC Invests $233,000 in American Tower Co. (NYSE:AMT)

Ellis Investment Partners LLC bought a new position in shares of American Tower Co. (NYSE:AMT) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,004 shares of the real estate investment trust’s stock, valued at approximately $233,000.

Other institutional investors also recently modified their holdings of the company. Fortune Financial Advisors LLC bought a new position in shares of American Tower during the 3rd quarter valued at about $234,000. State of Alaska Department of Revenue lifted its holdings in shares of American Tower by 0.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 277,402 shares of the real estate investment trust’s stock valued at $64,510,000 after purchasing an additional 791 shares in the last quarter. Financial Management Professionals Inc. lifted its holdings in shares of American Tower by 1,069.0% during the 3rd quarter. Financial Management Professionals Inc. now owns 1,660 shares of the real estate investment trust’s stock valued at $386,000 after purchasing an additional 1,518 shares in the last quarter. Frank Rimerman Advisors LLC lifted its holdings in shares of American Tower by 12.8% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 4,098 shares of the real estate investment trust’s stock valued at $953,000 after purchasing an additional 465 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of American Tower by 0.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 282,469 shares of the real estate investment trust’s stock valued at $65,691,000 after purchasing an additional 2,470 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. TD Cowen lifted their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Mizuho boosted their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Barclays boosted their target price on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets boosted their target price on American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, September 13th. Finally, JPMorgan Chase & Co. boosted their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $237.92.

American Tower Trading Down 1.4 %

Shares of American Tower stock opened at $222.80 on Monday. American Tower Co. has a 12-month low of $162.55 and a 12-month high of $243.56. The stock has a market cap of $104.07 billion, a P/E ratio of 41.88, a P/E/G ratio of 1.09 and a beta of 0.83. 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 is $228.80 and its 200-day moving average is $207.84.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). American Tower had a return on equity of 23.06% and a net margin of 21.95%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the company earned $2.46 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is presently 121.80%.

Insider Buying and Selling

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