Wedge Capital Management L L P NC Trims Stake in American Tower Co. (NYSE:AMT)

Wedge Capital Management L L P NC lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 16.5% in the 4th quarter, HoldingsChannel reports. The firm owned 62,873 shares of the real estate investment trust’s stock after selling 12,416 shares during the quarter. Wedge Capital Management L L P NC’s holdings in American Tower were worth $13,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in AMT. McClarren Financial Advisors Inc. purchased a new stake in American Tower during the 3rd quarter worth about $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower in the third quarter valued at $29,000. Thompson Investment Management Inc. bought a new stake in shares of American Tower in the 4th quarter worth approximately $29,000. Brown Shipley& Co Ltd bought a new stake in American Tower during the third quarter worth approximately $35,000. Finally, Valley National Advisers Inc. increased its holdings in shares of American Tower by 200.0% in the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 118 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

American Tower Price Performance

American Tower stock traded up $2.10 during mid-day trading on Tuesday, hitting $174.40. 303,514 shares of the company traded hands, compared to its average volume of 2,399,162. The stock has a fifty day moving average price of $191.52 and a 200-day moving average price of $194.09. The stock has a market cap of $81.33 billion, a price-to-earnings ratio of 54.19, a price-to-earnings-growth ratio of 1.35 and a beta of 0.67. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. 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 (NYSE:AMT) last released its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the prior year, the company earned $2.34 EPS. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, equities analysts predict that American Tower Co. will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.72%. The ex-dividend date is Thursday, April 11th. American Tower’s dividend payout ratio is currently 203.77%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AMT shares. Barclays lifted their target price on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Morgan Stanley raised their target price on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Mizuho initiated coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $217.36.

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.