American Tower Co. (NYSE:AMT) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its position in shares of American Tower Co. (NYSE:AMT) by 16.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,030 shares of the real estate investment trust’s stock after selling 2,647 shares during the period. NewEdge Wealth LLC’s holdings in American Tower were worth $2,390,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. FMR LLC boosted its position in American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after purchasing an additional 2,152,646 shares during the period. Adelante Capital Management LLC boosted its position in American Tower by 2,723.4% during the 3rd 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 period. State Street Corp boosted its position in American Tower by 3.1% during the 3rd 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 period. KBC Group NV boosted its position in American Tower by 270.4% during the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock worth $108,553,000 after purchasing an additional 340,742 shares during the period. Finally, Brookfield Corp ON boosted its position in American Tower by 88.3% during the 3rd quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust’s stock worth $165,286,000 after purchasing an additional 333,209 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Up 0.8 %

NYSE:AMT opened at $205.61 on Friday. The company has a market capitalization of $96.08 billion, a price-to-earnings ratio of 86.76, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The stock has a 50-day simple moving average of $187.09 and a 200 day simple moving average of $206.81. 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 (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.51 billion. During the same period last year, the firm earned $2.29 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced 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 was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.15%. American Tower’s dividend payout ratio is currently 273.42%.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm’s 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 transaction, the chief financial officer now 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 legal filing with the SEC, which is available at this link. 0.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AMT has been the subject of a number of research reports. Citigroup decreased their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, February 14th. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Mizuho lowered 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. Scotiabank lowered their target price on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday, January 23rd. Finally, Morgan Stanley lowered their target price on American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $225.21.

American Tower Company 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.