NewEdge Advisors LLC Trims Stock Position in American Tower Co. (NYSE:AMT)

NewEdge Advisors LLC cut its stake in American Tower Co. (NYSE:AMT - Free Report) by 67.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,076 shares of the real estate investment trust's stock after selling 150,433 shares during the period. NewEdge Advisors LLC's holdings in American Tower were worth $13,586,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of AMT. Glenview Trust co raised its stake in American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust's stock valued at $1,294,000 after purchasing an additional 54 shares during the last quarter. CreativeOne Wealth LLC raised its holdings in American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust's stock valued at $477,000 after acquiring an additional 54 shares during the last quarter. Precedent Wealth Partners LLC lifted its stake in American Tower by 4.7% in the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust's stock worth $235,000 after purchasing an additional 58 shares in the last quarter. Resonant Capital Advisors LLC grew its position in shares of American Tower by 5.8% in the fourth quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust's stock valued at $206,000 after purchasing an additional 61 shares in the last quarter. Finally, Calamos Wealth Management LLC increased its holdings in shares of American Tower by 2.9% in the fourth quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust's stock valued at $398,000 after purchasing an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AMT shares. Barclays upped their target price on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Wells Fargo & Company raised shares of American Tower from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $210.00 to $230.00 in a research note on Monday, March 17th. Scotiabank upped their price objective on American Tower from $220.00 to $234.00 and gave the company a "sector outperform" rating in a report on Tuesday. JMP Securities started coverage on American Tower in a research note on Monday, January 27th. They set an "outperform" rating and a $225.00 target price for the company. Finally, BMO Capital Markets upped their price target on American Tower from $210.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has an average rating of "Buy" and a consensus target price of $233.07.

American Tower Stock Down 4.8 %

Shares of American Tower stock traded down $10.52 during trading hours on Wednesday, reaching $210.45. 2,389,026 shares of the company were exchanged, compared to its average volume of 2,463,559. The firm has a market cap of $98.38 billion, a PE ratio of 88.80, a PEG ratio of 1.29 and a beta of 0.87. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock's fifty day moving average is $209.52 and its 200 day moving average is $202.35.

American Tower (NYSE:AMT - Get Free Report) last announced 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. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.55 billion during the quarter, compared to analysts' expectations of $2.51 billion. During the same quarter last year, the business posted $2.29 EPS. The business's quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities research 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. Investors of record on Friday, April 11th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.23%. This is an increase 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.