American Tower Co. (NYSE:AMT) Shares Sold by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 94.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,070 shares of the real estate investment trust’s stock after selling 16,674 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in American Tower were worth $231,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Cross Staff Investments Inc grew its stake in American Tower by 5.1% during the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after acquiring an additional 244 shares in the last quarter. Gateway Investment Advisers LLC increased its holdings in shares of American Tower by 57.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after purchasing an additional 13,074 shares during the last quarter. Anchor Capital Advisors LLC lifted its position in American Tower by 38.1% during the fourth quarter. Anchor Capital Advisors LLC now owns 76,625 shares of the real estate investment trust’s stock worth $16,542,000 after buying an additional 21,139 shares in the last quarter. Victory Capital Management Inc. lifted its position in American Tower by 0.5% during the third quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock worth $29,155,000 after buying an additional 806 shares in the last quarter. Finally, FAS Wealth Partners Inc. acquired a new position in American Tower during the fourth quarter worth $2,001,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the transaction, the chief financial officer now directly 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 at this hyperlink. In other news, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The shares were 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 directly owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $176.80 on Thursday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.69. The company has a market cap of $82.45 billion, a P/E ratio of 40.00, a P/E/G ratio of 1.35 and a beta of 0.71. The stock has a 50-day moving average of $189.49 and a two-hundred day moving average of $194.40. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.54 EPS. As a group, analysts anticipate that American Tower Co. will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a $1.62 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.67%. American Tower’s dividend payout ratio (DPR) is 146.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMT. JPMorgan Chase & Co. cut their target price on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. Scotiabank reduced their target price on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. 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 target for the company. Finally, BMO Capital Markets decreased their price objective on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $221.91.

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.