Sunburst Financial Group LLC Increases Position in American Tower Co. (NYSE:AMT)

Sunburst Financial Group LLC lifted its holdings in shares of American Tower Co. (NYSE:AMT) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,354 shares of the real estate investment trust’s stock after acquiring an additional 63 shares during the quarter. Sunburst Financial Group LLC’s holdings in American Tower were worth $248,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC raised its position 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 worth $25,000 after acquiring an additional 78 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 3rd quarter worth approximately $30,000. Hara Capital LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $31,000. Legacy Investment Solutions LLC purchased a new position in American Tower in 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 valued at $36,000 after purchasing an additional 125 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on AMT. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group dropped their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. BMO Capital Markets cut their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Finally, Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.23.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

American Tower Trading Up 0.2 %

American Tower stock opened at $189.90 on Friday. 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 fifty-two week low of $170.46 and a fifty-two week high of $243.56. The stock has a market cap of $88.74 billion, a P/E ratio of 80.13, a PEG ratio of 1.27 and a beta of 0.84. The firm’s fifty day moving average price is $187.44 and its 200-day moving average price is $209.20.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a $1.62 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.41%. American Tower’s payout ratio is currently 273.42%.

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.