Perkins Coie Trust Co Cuts Holdings in American Tower Co. (NYSE:AMT)

Perkins Coie Trust Co lowered its stake in shares of American Tower Co. (NYSE:AMT) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 18,214 shares of the real estate investment trust’s stock after selling 538 shares during the period. Perkins Coie Trust Co’s holdings in American Tower were worth $3,341,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMT. Moss Adams Wealth Advisors LLC raised its position in American Tower by 11.9% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 1,195 shares of the real estate investment trust’s stock valued at $221,000 after purchasing an additional 127 shares in the last quarter. Financial Management Professionals Inc. increased its position in shares of American Tower by 9.6% during the 4th quarter. Financial Management Professionals Inc. now owns 1,819 shares of the real estate investment trust’s stock valued at $334,000 after purchasing an additional 159 shares during the last quarter. Triangle Securities Wealth Management raised its holdings in shares of American Tower by 2.1% during the 4th quarter. Triangle Securities Wealth Management now owns 6,080 shares of the real estate investment trust’s stock valued at $1,115,000 after buying an additional 125 shares in the last quarter. HB Wealth Management LLC lifted its position in American Tower by 4.2% in the 4th quarter. HB Wealth Management LLC now owns 32,609 shares of the real estate investment trust’s stock worth $5,981,000 after buying an additional 1,304 shares during the last quarter. Finally, CGN Advisors LLC boosted its stake in American Tower by 2.0% in the fourth quarter. CGN Advisors LLC now owns 16,236 shares of the real estate investment trust’s stock worth $2,978,000 after buying an additional 311 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on AMT. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank decreased their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. The Goldman Sachs Group cut their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. increased their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.67.

American Tower Trading Up 0.2 %

AMT opened at $190.51 on Friday. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The business has a 50 day simple moving average of $192.86 and a two-hundred day simple moving average of $211.29. The firm has a market capitalization of $89.02 billion, a price-to-earnings ratio of 80.39, a PEG ratio of 1.16 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its earnings results 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). The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 EPS. Analysts predict that American Tower Co. will post 10.15 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a dividend of $1.62 per share. 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 is currently 273.42%.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by insiders.

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.