Torray Investment Partners LLC Has $8.97 Million Stake in American Tower Co. (NYSE:AMT)

Torray Investment Partners LLC increased its position in American Tower Co. (NYSE:AMT) by 16.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 48,923 shares of the real estate investment trust’s stock after acquiring an additional 6,752 shares during the period. American Tower comprises 1.3% of Torray Investment Partners LLC’s investment portfolio, making the stock its 29th biggest position. Torray Investment Partners LLC’s holdings in American Tower were worth $8,973,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Balentine LLC acquired a new position in shares of American Tower during the 3rd quarter worth $586,000. Nordea Investment Management AB boosted its holdings in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in American Tower during the third quarter worth $1,156,000. TigerOak Management L.L.C. bought a new position in American Tower during the fourth quarter valued at about $1,102,000. Finally, Brookstone Capital Management lifted its position in shares of American Tower by 29.0% in the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 1,995 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of analyst reports. JMP Securities began coverage on American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective on the stock. BMO Capital Markets increased their price target on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Wells Fargo & Company lowered their target price 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. Finally, Barclays cut their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $225.21.

American Tower Stock Up 2.0 %

AMT stock opened at $209.63 on Tuesday. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market cap of $97.96 billion, a PE ratio of 88.45, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84. The business’s 50-day simple moving average is $187.60 and its 200 day simple moving average is $206.52.

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

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio is 134.72%.

American Tower 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.