New York Life Investment Management LLC Sells 29,818 Shares of American Tower Co. (NYSE:AMT)

New York Life Investment Management LLC lowered its stake in shares of American Tower Co. (NYSE:AMT) by 30.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,436 shares of the real estate investment trust’s stock after selling 29,818 shares during the period. New York Life Investment Management LLC’s holdings in American Tower were worth $12,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its holdings in shares of American Tower by 15.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 16,857 shares of the real estate investment trust’s stock valued at $3,920,000 after purchasing an additional 2,233 shares during the last quarter. Arkadios Wealth Advisors lifted its position in shares of American Tower by 4.0% in the third quarter. Arkadios Wealth Advisors now owns 1,737 shares of the real estate investment trust’s stock worth $404,000 after buying an additional 67 shares in the last quarter. Fortitude Family Office LLC grew its holdings in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares in the last quarter. Solidarity Wealth LLC increased its stake in American Tower by 5.5% in the 3rd quarter. Solidarity Wealth LLC now owns 19,983 shares of the real estate investment trust’s stock worth $4,647,000 after acquiring an additional 1,047 shares during the last quarter. Finally, Financial Advocates Investment Management raised its holdings in shares of American Tower by 4.0% during the 3rd quarter. Financial Advocates Investment Management now owns 1,687 shares of the real estate investment trust’s stock worth $392,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In other 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 transaction 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. This represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMT. 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. Scotiabank reduced their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a report on Thursday, January 23rd. Morgan Stanley lowered their price target on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a report on Monday. The Goldman Sachs Group reduced their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, BMO Capital Markets raised their price objective on American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.21.

American Tower Stock Performance

Shares of American Tower stock opened at $204.12 on Friday. 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 stock’s fifty day moving average is $186.66 and its two-hundred day moving average is $206.94. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a market capitalization of $95.38 billion, a PE ratio of 86.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping the consensus estimate of $1.79 by $0.83. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.29 EPS. As a group, analysts expect that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, December 27th were issued a $1.62 dividend. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.17%. American Tower’s payout ratio is 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.