Castle Wealth Management LLC Makes New $230,000 Investment in American Tower Co. (NYSE:AMT)

Castle Wealth Management LLC acquired a new position in shares of American Tower Co. (NYSE:AMT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,057 shares of the real estate investment trust’s stock, valued at approximately $230,000.

Several other hedge funds have also recently bought and sold shares of AMT. McClarren Financial Advisors Inc. acquired a new stake in shares of American Tower in the third quarter valued at approximately $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower in the third quarter valued at approximately $29,000. Thompson Investment Management Inc. acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC acquired a new stake in shares of American Tower in the first quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of American Tower in the second quarter valued at approximately $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMT. Mizuho began coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective on the stock. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Morgan Stanley lifted their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday. Barclays lifted their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $217.36.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 11,510 shares of the company’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 sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Rodney M. Smith sold 11,510 shares of the company’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 sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the company’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 sale, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

American Tower Trading Up 0.2 %

Shares of NYSE:AMT traded up $0.30 during mid-day trading on Friday, reaching $171.30. 2,866,660 shares of the company’s stock were exchanged, compared to its average volume of 2,425,967. The firm has a market capitalization of $79.89 billion, a price-to-earnings ratio of 53.87, a PEG ratio of 1.36 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10. The business’s fifty day moving average price is $191.91 and its 200-day moving average price is $193.49.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter last year, the firm posted $2.34 EPS. The company’s quarterly revenue was up 3.0% on a year-over-year basis. On average, research analysts predict that American Tower Co. will post 9.94 EPS for the current fiscal year.

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be given a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.78%. American Tower’s dividend payout ratio (DPR) is presently 203.77%.

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.