Destination Wealth Management Has $17.75 Million Holdings in American Tower Co. (NYSE:AMT)

Destination Wealth Management raised its holdings in American Tower Co. (NYSE:AMT - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 96,775 shares of the real estate investment trust's stock after acquiring an additional 1,783 shares during the quarter. Destination Wealth Management's holdings in American Tower were worth $17,749,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AMT. Harbor Capital Advisors Inc. acquired a new stake in American Tower in the third quarter valued at $139,000. Catalyst Capital Advisors LLC acquired a new stake in American Tower in the third quarter valued at $84,000. Catalina Capital Group LLC lifted its holdings in American Tower by 6.7% in the third quarter. Catalina Capital Group LLC now owns 1,440 shares of the real estate investment trust's stock valued at $335,000 after acquiring an additional 91 shares during the period. Radnor Capital Management LLC lifted its holdings in American Tower by 31.6% in the third quarter. Radnor Capital Management LLC now owns 3,308 shares of the real estate investment trust's stock valued at $769,000 after acquiring an additional 795 shares during the period. Finally, Harvest Portfolios Group Inc. lifted its holdings in American Tower by 114.8% in the third quarter. Harvest Portfolios Group Inc. now owns 7,491 shares of the real estate investment trust's stock valued at $1,742,000 after acquiring an additional 4,004 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Stock Performance

AMT traded up $5.56 during trading hours on Friday, hitting $212.49. 3,599,419 shares of the stock were exchanged, compared to its average volume of 2,227,224. The stock has a 50-day simple moving average of $189.60 and a 200-day simple moving average of $206.30. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The stock has a market cap of $99.29 billion, a price-to-earnings ratio of 89.66, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

Remove Ads

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

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from American Tower's previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Friday, April 11th. American Tower's dividend payout ratio (DPR) is 134.72%.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction dated 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 transaction, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on AMT. Barclays cut their price target on American Tower from $215.00 to $214.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. JMP Securities began coverage on shares of American Tower in a research note on Monday, January 27th. They set an "outperform" rating and a $225.00 price objective for the company. BMO Capital Markets upped their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. The Goldman Sachs Group dropped their target price on shares of American Tower from $260.00 to $234.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. Finally, Morgan Stanley dropped their target price on shares of American Tower from $219.00 to $213.00 and set an "equal weight" rating for the company in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $225.21.

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.