Spinnaker Trust Acquires 180 Shares of American Tower Co. (NYSE:AMT)

Spinnaker Trust grew its stake in shares of American Tower Co. (NYSE:AMT) by 8.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,284 shares of the real estate investment trust’s stock after buying an additional 180 shares during the quarter. Spinnaker Trust’s holdings in American Tower were worth $419,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its stake in shares of 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 valued at $25,000 after purchasing an additional 78 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the third quarter valued at approximately $30,000. Hara Capital LLC purchased a new stake in shares of American Tower during the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower during the third quarter valued at approximately $34,000. Finally, Activest Wealth Management lifted its stake in American Tower by 431.0% in the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 125 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated 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 sale, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade 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 the SEC website. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AMT. Citizens Jmp raised American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Mizuho dropped their price target 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. JMP Securities started coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price objective for the company. Scotiabank decreased their price objective on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Finally, Barclays decreased their price objective on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.79.

American Tower Price Performance

Shares of NYSE:AMT opened at $189.41 on Friday. American Tower Co. has a 1-year low of $170.46 and a 1-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 fifty day moving average price of $186.70 and a 200-day moving average price of $208.89. The company has a market capitalization of $88.51 billion, a PE ratio of 79.92, a PEG ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The firm also recently disclosed 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 of this dividend was Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.42%. American Tower’s payout ratio is 273.42%.

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.