Envestnet Asset Management Inc. Has $135.08 Million Stock Position in American Tower Co. (NYSE:AMT)

Envestnet Asset Management Inc. reduced its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 13.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 736,470 shares of the real estate investment trust's stock after selling 116,059 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of American Tower worth $135,076,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. Roxbury Financial LLC bought a new stake in shares of American Tower during the fourth quarter worth $32,000. Graney & King LLC acquired a new position in American Tower during the 4th quarter worth about $32,000. Legacy Investment Solutions LLC bought a new stake in American Tower during the 3rd quarter worth about $34,000. Crowley Wealth Management Inc. acquired a new stake in American Tower in the 4th quarter valued at about $37,000. Finally, Bank of Jackson Hole Trust bought a new position in shares of American Tower in the fourth quarter worth about $46,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on AMT. Morgan Stanley started coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. Scotiabank lowered their target price on American Tower from $236.00 to $220.00 and set a "sector outperform" rating for the company in a research note on Thursday, January 23rd. JMP Securities initiated coverage on American Tower in a research note on Monday, January 27th. They set an "outperform" rating and a $225.00 price target on the stock. Wells Fargo & Company upgraded shares of American Tower from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $210.00 to $230.00 in a research report on Monday, March 17th. Finally, Citigroup lifted their price target on shares of American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, American Tower currently has a consensus rating of "Buy" and a consensus price target of $232.07.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the business's stock in a transaction on 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 approximately $11,371,631.20. The trade was 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. Corporate insiders own 0.18% of the company's stock.

American Tower Trading Up 2.4 %

Shares of NYSE AMT traded up $4.93 during midday trading on Friday, reaching $213.25. 2,555,413 shares of the stock were exchanged, compared to its average volume of 2,460,794. The company has a market capitalization of $99.69 billion, a price-to-earnings ratio of 89.98, 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 business has a 50-day simple moving average of $205.31 and a two-hundred day simple moving average of $202.65.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) 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 company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the company earned $2.29 earnings per share. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be paid a $1.70 dividend. The ex-dividend date is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.19%. This is a positive change from American Tower's previous quarterly dividend of $1.62. American Tower's payout ratio is presently 141.37%.

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.