Edgewood Management LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

Edgewood Management LLC trimmed its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 5.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,603 shares of the real estate investment trust's stock after selling 3,187 shares during the period. Edgewood Management LLC's holdings in American Tower were worth $10,565,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new stake in shares of American Tower in the third quarter valued at $34,000. Graney & King LLC purchased a new stake in American Tower in the 4th quarter worth about $32,000. Roxbury Financial LLC bought a new stake in American Tower in the 4th quarter valued at about $32,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Tower during the fourth quarter worth $37,000. Finally, Hobbs Group Advisors LLC boosted its position in shares of American Tower by 51.0% in the third quarter. Hobbs Group Advisors LLC now owns 222 shares of the real estate investment trust's stock valued at $52,000 after acquiring an additional 75 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 2.3 %

American Tower stock traded up $4.78 during trading hours on Friday, reaching $211.40. The company had a trading volume of 1,049,301 shares, compared to its average volume of 2,465,457. The firm has a market cap of $98.82 billion, a price-to-earnings ratio of 89.15, a P/E/G ratio of 1.29 and a beta of 0.87. American Tower Co. has a 12-month low of $170.46 and a 12-month 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. The company has a 50-day moving average price of $204.73 and a 200 day moving average price of $203.01.

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

American Tower Increases Dividend

The company also recently announced 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 is a positive change from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, April 11th. American Tower's dividend payout ratio is currently 141.37%.

Analyst Ratings Changes

A number of research analysts have recently commented on AMT shares. Citizens Jmp upgraded shares of American Tower to a "strong-buy" rating in a research report on Monday, January 27th. BMO Capital Markets boosted their price objective on American Tower from $210.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Barclays boosted their price target on shares of American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Wells Fargo & Company upgraded shares of American Tower from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $210.00 to $230.00 in a research report on Monday, March 17th. Finally, The Goldman Sachs Group cut 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. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $232.07.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was 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 filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by insiders.

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.