Patten & Patten Inc. TN Has $1.13 Million Stake in American Tower Co. (NYSE:AMT)

Patten & Patten Inc. TN trimmed its position in American Tower Co. (NYSE:AMT) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,170 shares of the real estate investment trust’s stock after selling 120 shares during the period. Patten & Patten Inc. TN’s holdings in American Tower were worth $1,132,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AMT. Rehmann Capital Advisory Group boosted its position in shares of American Tower by 4.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 58 shares in the last quarter. Precedent Wealth Partners LLC boosted its position in shares of American Tower by 4.7% during the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 58 shares in the last quarter. Resonant Capital Advisors LLC boosted its position in shares of American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares in the last quarter. Calamos Wealth Management LLC boosted its position in shares of American Tower by 2.9% during the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock valued at $398,000 after purchasing an additional 61 shares in the last quarter. Finally, Sunburst Financial Group LLC boosted its position in shares of American Tower by 4.9% during the 4th quarter. Sunburst Financial Group LLC now owns 1,354 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 63 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Citizens Jmp raised American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Scotiabank dropped their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. Barclays lowered their price objective on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. JMP Securities started coverage on American Tower in a research note on Monday, January 27th. They issued an “outperform” rating and a $225.00 price objective for the company. Finally, Citigroup increased their price objective on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $226.29.

American Tower Price Performance

Shares of NYSE AMT opened at $211.02 on Monday. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The stock has a fifty day simple moving average of $192.33 and a two-hundred day simple moving average of $205.68. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market cap of $98.64 billion, a price-to-earnings ratio of 89.04, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (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 company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the business posted $2.29 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. Analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Friday, April 11th. This is a positive change from American Tower’s previous quarterly dividend of $1.62. American Tower’s payout ratio is 141.37%.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

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.