American Tower Co. (NYSE:AMT) Stock Position Decreased by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC trimmed its stake in American Tower Co. (NYSE:AMT) by 4.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,336 shares of the real estate investment trust’s stock after selling 339 shares during the period. Legacy Wealth Asset Management LLC’s holdings in American Tower were worth $1,345,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fortitude Family Office LLC increased its stake in American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new position in shares of American Tower in the second quarter worth about $27,000. Northwest Investment Counselors LLC acquired a new position in shares of American Tower in the third quarter worth about $30,000. Hara Capital LLC purchased a new position in shares of American Tower in the third quarter worth approximately $31,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of American Tower during the third quarter valued at approximately $34,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

NYSE AMT opened at $190.26 on Friday. The company has a 50 day moving average price of $193.24 and a two-hundred day moving average price of $211.46. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The stock has a market capitalization of $88.91 billion, a PE ratio of 80.28, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the previous year, the company earned $2.58 earnings per share. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s payout ratio is 273.42%.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased 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. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho reduced their price objective 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. BMO Capital Markets decreased their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.67.

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.