American Tower Co. (NYSE:AMT) Stock Holdings Lowered by Cary Street Partners Asset Management LLC

Cary Street Partners Asset Management LLC reduced its holdings in American Tower Co. (NYSE:AMT) by 9.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,367 shares of the real estate investment trust’s stock after selling 1,559 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in American Tower were worth $3,102,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cross Staff Investments Inc increased its position in shares of American Tower by 5.1% in the fourth quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock worth $1,085,000 after acquiring an additional 244 shares in the last quarter. Gateway Investment Advisers LLC increased its position in shares of American Tower by 57.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock worth $7,718,000 after acquiring an additional 13,074 shares in the last quarter. Anchor Capital Advisors LLC increased its position in shares of American Tower by 38.1% in the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after acquiring an additional 21,139 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of American Tower by 0.5% in the third quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock worth $29,155,000 after acquiring an additional 806 shares in the last quarter. Finally, FAS Wealth Partners Inc. purchased a new position in shares of American Tower in the fourth quarter worth approximately $2,001,000. 92.69% of the stock is currently owned by institutional investors.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AMT shares. Barclays lifted their target price on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $226.00 to $248.00 in a research report on Wednesday. Morgan Stanley boosted their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Mizuho began coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Finally, StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Three 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $221.27.

American Tower Stock Performance

Shares of American Tower stock traded up $2.57 on Wednesday, reaching $174.13. The stock had a trading volume of 960,007 shares, compared to its average volume of 2,415,507. The business’s 50-day moving average price is $189.71 and its two-hundred day moving average price is $194.53. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The stock has a market cap of $81.21 billion, a P/E ratio of 53.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.67.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the firm posted $2.54 earnings per share. American Tower’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, sell-side analysts forecast that American Tower Co. will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s payout ratio is currently 203.77%.

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.