Cohen Klingenstein LLC Has $11.17 Million Stock Position in American Tower Co. (NYSE:AMT)

Cohen Klingenstein LLC lowered its holdings in American Tower Co. (NYSE:AMT - Free Report) by 15.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,914 shares of the real estate investment trust's stock after selling 10,710 shares during the period. Cohen Klingenstein LLC's holdings in American Tower were worth $11,172,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Balentine LLC acquired a new position in shares of American Tower during the third quarter valued at $586,000. Nordea Investment Management AB lifted its stake in American Tower by 28.5% during the fourth 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 buying an additional 314,769 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in American Tower in the 3rd quarter worth approximately $1,156,000. Czech National Bank raised its stake in American Tower by 6.9% during the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust's stock valued at $22,128,000 after purchasing an additional 6,163 shares during the period. Finally, Brookstone Capital Management boosted its position in shares of American Tower by 29.0% in the fourth 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 period. Institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of American Tower stock traded up $0.44 during midday trading on Friday, hitting $190.51. 2,882,489 shares of the company were exchanged, compared to its average volume of 2,167,840. The firm has a 50 day simple moving average of $192.86 and a 200-day simple moving average of $211.42. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $89.02 billion, a P/E ratio of 80.39, a PEG ratio of 1.16 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm's revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.58 earnings per share. Research analysts forecast that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, December 27th. American Tower's payout ratio is 273.42%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AMT. StockNews.com downgraded American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group reduced their target price on American Tower from $260.00 to $234.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Mizuho dropped their price objective on American Tower from $221.00 to $204.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Finally, Wells Fargo & Company lowered shares of American Tower from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Four 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 has an average rating of "Moderate Buy" and an average price target of $230.67.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm's 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 completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

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.