Cohen Klingenstein LLC Has $11.17 Million Stock Position in American Tower Co. (NYSE:AMT)

Cohen Klingenstein LLC cut its stake in American Tower Co. (NYSE:AMT) by 15.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,914 shares of the real estate investment trust’s stock after selling 10,710 shares during the period. Cohen Klingenstein LLC’s holdings in American Tower were worth $11,172,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fortitude Family Office LLC raised its stake in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at $27,000. Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 3rd quarter worth about $30,000. Hara Capital LLC bought a new position in American Tower during the 3rd quarter valued at about $31,000. Finally, Legacy Investment Solutions LLC acquired a new position in American Tower in the third quarter valued at about $34,000. Institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The shares were 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 owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.

American Tower Price Performance

AMT opened at $190.51 on Friday. The company has a fifty day moving average price of $193.09 and a two-hundred day moving average price of $211.32. The firm has a market capitalization of $89.02 billion, a PE ratio of 80.39, a P/E/G ratio of 1.16 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

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

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AMT. The Goldman Sachs Group cut their target price 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. Barclays cut their price objective on American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank lowered their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Finally, BMO Capital Markets reduced their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $230.67.

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.