Glenview Trust co Increases Stock Position in American Tower Co. (NYSE:AMT)

Glenview Trust co lifted its holdings in American Tower Co. (NYSE:AMT) by 0.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 7,056 shares of the real estate investment trust’s stock after purchasing an additional 54 shares during the period. Glenview Trust co’s holdings in American Tower were worth $1,294,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nordea Investment Management AB lifted its position in shares of American Tower by 28.5% in the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of American Tower during the 3rd quarter worth approximately $1,156,000. TigerOak Management L.L.C. bought a new position in shares of American Tower during the 4th quarter worth approximately $1,102,000. Brookstone Capital Management raised its stake in shares of American Tower by 29.0% during the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after acquiring an additional 1,995 shares in the last quarter. Finally, CCLA Investment Management raised its stake in shares of American Tower by 5.5% during the 4th quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust’s stock worth $79,344,000 after acquiring an additional 22,523 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction 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 approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on AMT. JMP Securities began coverage on shares of American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective for the company. Morgan Stanley reduced their price objective on shares of 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. The Goldman Sachs Group reduced their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Citigroup boosted their price objective on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Barclays cut their price target on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $228.79.

American Tower Stock Up 1.1 %

AMT stock opened at $213.17 on Tuesday. The firm’s fifty day simple moving average is $192.99 and its 200-day simple moving average is $205.61. The company has a market capitalization of $99.65 billion, a P/E ratio of 89.95, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.29 EPS. As a group, equities research analysts forecast that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a $1.70 dividend. This is an increase from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Friday, April 11th. American Tower’s dividend payout ratio is 141.37%.

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.