Bank of New York Mellon Corp Buys 6,997 Shares of American Tower Co. (NYSE:AMT)

Bank of New York Mellon Corp raised its position in American Tower Co. (NYSE:AMT) by 0.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,997,926 shares of the real estate investment trust’s stock after buying an additional 6,997 shares during the period. Bank of New York Mellon Corp owned about 0.64% of American Tower worth $549,850,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Fortitude Family Office LLC boosted its holdings in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the last quarter. Hara Capital LLC acquired a new position in American Tower during the 3rd quarter valued at about $31,000. Roxbury Financial LLC bought a new position in shares of American Tower in the 4th quarter valued at about $32,000. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $34,000. Finally, Activest Wealth Management raised its stake in shares of American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 125 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of AMT stock opened at $203.84 on Wednesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company’s 50 day moving average price is $185.84 and its two-hundred day moving average price is $207.01. The company has a market capitalization of $95.25 billion, a P/E ratio of 86.01, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the business posted $2.29 earnings per share. On average, analysts expect that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.18%. American Tower’s dividend payout ratio is currently 273.42%.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of recent research reports. Wells Fargo & Company reduced their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Scotiabank reduced their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. Mizuho dropped their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group reduced their target price on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $227.00.

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.