Summit Investment Advisors Inc. Sells 278 Shares of American Tower Co. (NYSE:AMT)

Summit Investment Advisors Inc. cut its holdings in shares of American Tower Co. (NYSE:AMT) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,228 shares of the real estate investment trust’s stock after selling 278 shares during the quarter. Summit Investment Advisors Inc.’s holdings in American Tower were worth $1,326,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in American Tower by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 11,342,805 shares of the real estate investment trust’s stock worth $2,074,956,000 after acquiring an additional 129,192 shares during the period. FMR LLC grew its holdings in shares of American Tower by 5.0% during the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock worth $2,050,390,000 after purchasing an additional 537,136 shares in the last quarter. Norges Bank bought a new position in shares of American Tower in the fourth quarter worth $1,164,851,000. Invesco Ltd. lifted its position in American Tower by 8.3% during the fourth quarter. Invesco Ltd. now owns 5,941,586 shares of the real estate investment trust’s stock worth $1,089,746,000 after purchasing an additional 455,225 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in American Tower by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,316,312 shares of the real estate investment trust’s stock worth $975,065,000 after buying an additional 107,345 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. JMP Securities assumed coverage on shares of American Tower in a report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target for the company. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Barclays lifted their price target on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Morgan Stanley started coverage on American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective for the company. Finally, Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $232.07.

American Tower Trading Up 0.2 %

AMT opened at $218.41 on Thursday. The company’s 50 day moving average price is $207.07 and its two-hundred day moving average price is $202.78. The firm has a market capitalization of $102.10 billion, a price-to-earnings ratio of 92.16, a PEG ratio of 1.29 and a beta of 0.87. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week 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.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 earnings per share. As a group, research analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.11%. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower’s dividend payout ratio (DPR) is 141.37%.

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.