Hixon Zuercher LLC Has $3.01 Million Stock Holdings in American Tower Co. (NYSE:AMT)

Hixon Zuercher LLC reduced its position in American Tower Co. (NYSE:AMT) by 10.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 16,411 shares of the real estate investment trust’s stock after selling 2,009 shares during the period. Hixon Zuercher LLC’s holdings in American Tower were worth $3,010,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Truist Financial Corp grew its stake in shares of American Tower by 9.6% during the second quarter. Truist Financial Corp now owns 189,063 shares of the real estate investment trust’s stock worth $36,750,000 after purchasing an additional 16,566 shares during the period. Advisory Alpha LLC grew its position in shares of American Tower by 13.7% during the 2nd quarter. Advisory Alpha LLC now owns 1,722 shares of the real estate investment trust’s stock worth $335,000 after buying an additional 207 shares during the period. Cetera Investment Advisers increased its stake in shares of American Tower by 3.1% in the 2nd quarter. Cetera Investment Advisers now owns 114,913 shares of the real estate investment trust’s stock valued at $22,337,000 after acquiring an additional 3,464 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at approximately $9,248,000. Finally, Heritage Wealth Management Inc. bought a new position in American Tower during the 2nd quarter worth approximately $549,000. Institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction dated 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 directly 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 legal filing with the SEC, which is accessible through this link. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Mizuho reduced their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. JMP Securities assumed coverage on American Tower in a report on Monday. They issued an “outperform” rating and a $225.00 price target for the company. BMO Capital Markets cut their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. The Goldman Sachs Group lowered their target price on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Wells Fargo & Company reduced their price target on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $226.23.

American Tower Trading Up 1.1 %

Shares of NYSE:AMT opened at $185.71 on Friday. The company has a 50-day simple moving average of $191.32 and a 200 day simple moving average of $210.78. The company has a market capitalization of $86.78 billion, a P/E ratio of 78.36, a price-to-earnings-growth ratio of 1.23 and a beta of 0.84. 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 Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share 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 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 firm posted $2.58 earnings per share. The firm’s revenue was down 10.5% compared to the same quarter last year. Sell-side analysts forecast that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Friday, December 27th. American Tower’s payout ratio is presently 273.42%.

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.