CCM Investment Advisers LLC Reduces Position in American Tower Co. (NYSE:AMT)

CCM Investment Advisers LLC cut its holdings in shares of American Tower Co. (NYSE:AMT) by 38.0% during the first quarter, HoldingsChannel.com reports. The fund owned 4,640 shares of the real estate investment trust’s stock after selling 2,845 shares during the period. CCM Investment Advisers LLC’s holdings in American Tower were worth $1,010,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Minot DeBlois Advisors LLC purchased a new position in American Tower in the 4th quarter worth approximately $29,000. Roxbury Financial LLC acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $32,000. Graney & King LLC purchased a new position in American Tower during the fourth quarter worth approximately $32,000. Lowe Wealth Advisors LLC boosted its stake in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 109 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new stake in American Tower in the 4th quarter valued at $37,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Performance

NYSE:AMT opened at $217.69 on Friday. American Tower Co. has a 52 week low of $172.51 and a 52 week high of $243.56. The company has a fifty day simple moving average of $214.69 and a two-hundred day simple moving average of $203.08. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market cap of $101.91 billion, a price-to-earnings ratio of 91.85, a price-to-earnings-growth ratio of 1.29 and a beta of 0.81.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.79 EPS. As a group, equities analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. American Tower’s payout ratio is currently 174.81%.

Analyst Ratings Changes

Several research analysts have recently commented on AMT shares. Royal Bank of Canada lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 target price on the stock. UBS Group raised their price target on shares of American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Wells Fargo & Company increased their price objective on American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Finally, Raymond James lifted their target price on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $240.25.

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.