Bartlett & CO. Wealth Management LLC Lowers Stake in American Tower Co. (NYSE:AMT)

Bartlett & CO. Wealth Management LLC lessened its holdings in American Tower Co. (NYSE:AMT) by 9.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 281,841 shares of the real estate investment trust’s stock after selling 28,630 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in American Tower were worth $52,150,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. State Street Corp raised its stake in American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after purchasing an additional 635,726 shares during the last quarter. Geode Capital Management LLC grew its position in shares of American Tower by 1.9% during the third quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock worth $2,599,074,000 after buying an additional 204,426 shares in the last quarter. FMR LLC lifted its holdings in American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after buying an additional 2,152,646 shares during the last quarter. Ameriprise Financial Inc. raised its stake in American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of American Tower by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock worth $1,211,397,000 after purchasing an additional 243,061 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AMT shares. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. The Goldman Sachs Group reduced their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Barclays lowered their price target on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Finally, Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $230.67.

American Tower Stock Down 2.5 %

AMT stock opened at $185.24 on Thursday. The firm has a market capitalization of $86.56 billion, a PE ratio of 78.16, a PEG ratio of 1.27 and a beta of 0.84. The business’s 50 day simple moving average is $192.68 and its 200 day simple moving average is $211.47. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.58 EPS. As a group, research analysts anticipate that American Tower Co. will post 10.15 EPS for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.50%. American Tower’s dividend payout ratio is 273.42%.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by insiders.

About American Tower

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.