Red Door Wealth Management LLC Acquires 1,186 Shares of American Tower Co. (NYSE:AMT)

Red Door Wealth Management LLC increased its stake in shares of American Tower Co. (NYSE:AMT) by 6.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,792 shares of the real estate investment trust’s stock after acquiring an additional 1,186 shares during the quarter. Red Door Wealth Management LLC’s holdings in American Tower were worth $3,447,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Fortitude Family Office LLC increased its position in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in American Tower during the 3rd quarter worth approximately $30,000. Hara Capital LLC bought a new position in shares of American Tower in the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC purchased a new position in shares of American Tower during the third quarter valued at approximately $34,000. Finally, Activest Wealth Management grew its holdings in 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 in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AMT. BMO Capital Markets decreased their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday. The Goldman Sachs Group decreased their target price on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho cut their price target 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. Finally, Barclays dropped their price objective on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average price target of $226.42.

American Tower Stock Performance

Shares of AMT stock opened at $186.31 on Friday. American Tower Co. has a 52 week low of $170.46 and a 52 week 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 50 day moving average price of $192.48 and a 200-day moving average price of $211.29. The firm has a market capitalization of $87.06 billion, a PE ratio of 78.61, a P/E/G ratio of 1.24 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the firm posted $2.58 earnings per share. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, equities research analysts expect that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.18% of the stock is owned by company 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.