TIAA Trust National Association Sells 5,078 Shares of American Tower Co. (NYSE:AMT)

TIAA Trust National Association lowered its stake in shares of American Tower Co. (NYSE:AMTFree Report) by 24.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,786 shares of the real estate investment trust’s stock after selling 5,078 shares during the quarter. TIAA Trust National Association’s holdings in American Tower were worth $3,408,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Dupont Capital Management Corp bought a new stake in American Tower during the fourth quarter worth $6,545,000. FAS Wealth Partners Inc. purchased a new position in American Tower in the fourth quarter worth $2,001,000. Builder Investment Group Inc. ADV purchased a new position in American Tower in the fourth quarter worth $229,000. Essex Savings Bank boosted its position in American Tower by 7.1% in the fourth quarter. Essex Savings Bank now owns 1,424 shares of the real estate investment trust’s stock worth $307,000 after purchasing an additional 94 shares during the last quarter. Finally, Zimmermann Investment Management & Planning LLC purchased a new position in American Tower in the fourth quarter worth $255,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on AMT. BMO Capital Markets cut their price objective on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. HSBC began coverage on American Tower in a research report on Thursday, December 14th. They issued a “buy” rating and a $245.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. Barclays upped their price target on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $215.90.

Read Our Latest Stock Report on American Tower

Insiders Place Their Bets

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now directly owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

American Tower Stock Performance

Shares of AMT opened at $192.18 on Wednesday. The stock’s 50-day simple moving average is $195.73 and its 200 day simple moving average is $192.53. The stock has a market capitalization of $89.62 billion, a price-to-earnings ratio of 60.43, a price-to-earnings-growth ratio of 1.34 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMTGet Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the company posted $2.34 EPS. Research analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be issued a dividend of $1.62 per share. The ex-dividend date is Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a yield of 3.37%. American Tower’s dividend payout ratio (DPR) is 213.84%.

American Tower Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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