Parallel Advisors LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

Parallel Advisors LLC reduced its stake in American Tower Co. (NYSE:AMT - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,280 shares of the real estate investment trust's stock after selling 2,682 shares during the period. Parallel Advisors LLC's holdings in American Tower were worth $3,903,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AMT. Empowered Funds LLC increased its stake in shares of American Tower by 5.4% in the third quarter. Empowered Funds LLC now owns 9,935 shares of the real estate investment trust's stock valued at $2,310,000 after buying an additional 508 shares during the period. Natixis Advisors LLC increased its position in American Tower by 20.7% in the 3rd quarter. Natixis Advisors LLC now owns 177,947 shares of the real estate investment trust's stock valued at $41,383,000 after acquiring an additional 30,499 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of American Tower by 1.1% during the third quarter. Thrivent Financial for Lutherans now owns 130,175 shares of the real estate investment trust's stock valued at $30,273,000 after acquiring an additional 1,453 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of American Tower by 412.8% during the third quarter. Quest Partners LLC now owns 7,836 shares of the real estate investment trust's stock worth $1,822,000 after purchasing an additional 6,308 shares during the period. Finally, Strengthening Families & Communities LLC grew its stake in shares of American Tower by 8.0% in the third quarter. Strengthening Families & Communities LLC now owns 10,523 shares of the real estate investment trust's stock worth $2,447,000 after purchasing an additional 778 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

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American Tower Stock Up 1.0 %

American Tower stock traded up $2.14 during trading on Friday, hitting $216.41. 6,326,073 shares of the company were exchanged, compared to its average volume of 2,550,487. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The business's 50 day moving average is $195.13 and its 200 day moving average is $205.66. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a market capitalization of $101.16 billion, a P/E ratio of 91.31, a PEG ratio of 1.29 and a beta of 0.85.

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

American Tower Increases Dividend

The firm 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 $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This is a positive change from American Tower's previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a dividend yield of 3.14%. American Tower's dividend payout ratio is currently 141.37%.

Insider Activity at American Tower

In related 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 transaction 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AMT shares. Citizens Jmp raised American Tower to a "strong-buy" rating in a report on Monday, January 27th. Hsbc Global Res raised American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Scotiabank lowered their price target on shares of American Tower from $236.00 to $220.00 and set a "sector outperform" rating for the company in a report on Thursday, January 23rd. 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. Finally, JMP Securities assumed coverage on shares of American Tower in a research report on Monday, January 27th. They set an "outperform" rating and a $225.00 price objective for the company. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $229.43.

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.