Oppenheimer & Co. Inc. Sells 730 Shares of American Tower Co. (NYSE:AMT)

Oppenheimer & Co. Inc. cut its position in American Tower Co. (NYSE:AMT) by 1.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 47,024 shares of the real estate investment trust’s stock after selling 730 shares during the period. Oppenheimer & Co. Inc.’s holdings in American Tower were worth $8,625,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Balentine LLC bought a new position in shares of American Tower during the 3rd quarter worth approximately $586,000. Nordea Investment Management AB lifted its holdings in shares of American Tower by 28.5% during the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock valued at $260,743,000 after purchasing an additional 314,769 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of American Tower during the 3rd quarter valued at $1,156,000. TigerOak Management L.L.C. acquired a new stake in shares of American Tower in the 4th quarter worth $1,102,000. Finally, Brookstone Capital Management grew its stake in American Tower by 29.0% during the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock worth $1,629,000 after buying an additional 1,995 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research analyst reports. Citigroup dropped their price target on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Morgan Stanley dropped their target price on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research report on Monday. JMP Securities assumed coverage on shares of American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target for the company. BMO Capital Markets boosted their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Scotiabank cut their target price on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $225.21.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Up 1.7 %

Shares of American Tower stock opened at $204.12 on Friday. The firm has a 50-day simple moving average of $186.66 and a two-hundred day simple moving average of $206.94. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. 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 market cap of $95.38 billion, a P/E ratio of 86.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84.

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

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.17%. American Tower’s dividend payout ratio (DPR) is 273.42%.

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.