Mill Capital Management LLC Has $22.13 Million Position in American Tower Co. (NYSE:AMT)

Mill Capital Management LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 1.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,683 shares of the real estate investment trust’s stock after buying an additional 1,440 shares during the quarter. American Tower comprises approximately 1.7% of Mill Capital Management LLC’s investment portfolio, making the stock its 18th biggest position. Mill Capital Management LLC’s holdings in American Tower were worth $22,134,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in AMT. FMR LLC grew its position in American Tower by 25.4% during the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after buying an additional 2,152,646 shares in the last quarter. Adelante Capital Management LLC lifted its stake in American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after purchasing an additional 1,160,890 shares during the last quarter. Raymond James Financial Inc. bought a new stake in American Tower during the fourth quarter worth $193,246,000. Daiwa Securities Group Inc. lifted its stake in American Tower by 456.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust’s stock worth $206,269,000 after purchasing an additional 922,701 shares during the last quarter. Finally, State Street Corp lifted its stake in American Tower by 3.1% during the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock worth $4,924,091,000 after purchasing an additional 635,726 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Up 1.0 %

Shares of NYSE:AMT opened at $216.41 on Monday. The firm has a market cap of $101.16 billion, a P/E ratio of 91.31, a P/E/G ratio of 1.29 and a beta of 0.85. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The business has a fifty day simple moving average of $195.99 and a 200 day simple moving average of $205.24.

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

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be issued a dividend of $1.70 per share. This is an increase from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, April 11th. American Tower’s dividend payout ratio (DPR) is presently 141.37%.

Analyst Ratings Changes

Several research firms have weighed in on AMT. BMO Capital Markets upped their target price on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. JMP Securities began coverage on American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 target price for the company. Mizuho cut their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company upgraded American Tower from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $210.00 to $230.00 in a research note on Monday, March 17th. Finally, Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $229.43.

Insiders Place Their Bets

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

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.