Thrivent Financial for Lutherans Sells 10,662 Shares of American Tower Co. (NYSE:AMT)

Thrivent Financial for Lutherans cut its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 8.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 119,513 shares of the real estate investment trust's stock after selling 10,662 shares during the period. Thrivent Financial for Lutherans' holdings in American Tower were worth $21,937,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in American Tower during the third quarter valued at $34,000. Activest Wealth Management lifted its stake in shares of American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 125 shares during the period. Roxbury Financial LLC purchased a new position in shares of American Tower in the fourth quarter worth approximately $32,000. Hobbs Group Advisors LLC grew its position in American Tower by 51.0% during the third quarter. Hobbs Group Advisors LLC now owns 222 shares of the real estate investment trust's stock valued at $52,000 after buying an additional 75 shares during the period. Finally, Larson Financial Group LLC increased its holdings in American Tower by 49.3% during the third quarter. Larson Financial Group LLC now owns 227 shares of the real estate investment trust's stock valued at $53,000 after buying an additional 75 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

Shares of NYSE AMT traded down $3.36 during mid-day trading on Tuesday, hitting $209.44. 2,646,633 shares of the company's stock traded hands, compared to its average volume of 2,268,344. 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 Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company's 50-day moving average is $196.71 and its two-hundred day moving average is $205.10. The company has a market capitalization of $97.90 billion, a P/E ratio of 88.37, a PEG ratio of 1.29 and a beta of 0.85.

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American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the company earned $2.29 EPS. On average, equities analysts anticipate that American Tower Co. will post 10.14 EPS for the current fiscal year.

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a dividend of $1.70 per share. This is a boost from American Tower's previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.25%. American Tower's payout ratio is 141.37%.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the sale, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Hsbc Global Res raised American Tower to a "strong-buy" rating in a report on Thursday, February 27th. Barclays upped their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research report on Friday. Morgan Stanley decreased 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 note on Monday, February 24th. Finally, JMP Securities initiated coverage on shares of American Tower in a research report on Monday, January 27th. They issued an "outperform" rating and a $225.00 price target for the company. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $229.43.

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.