American Tower Co. (NYSE:AMT) Stock Position Reduced by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp lowered its holdings in American Tower Co. (NYSE:AMT - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 36,229 shares of the real estate investment trust's stock after selling 3,066 shares during the quarter. Peapack Gladstone Financial Corp's holdings in American Tower were worth $6,645,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Partners Group Holding AG lifted its stake in shares of American Tower by 8.3% in the 4th quarter. Partners Group Holding AG now owns 378,592 shares of the real estate investment trust's stock worth $69,438,000 after acquiring an additional 28,988 shares during the period. Nordea Investment Management AB raised its stake in shares of American Tower by 28.5% during the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust's stock worth $260,743,000 after buying an additional 314,769 shares in the last quarter. TigerOak Management L.L.C. acquired a new stake in shares of American Tower in the 4th quarter valued at approximately $1,102,000. Brookstone Capital Management boosted its stake in shares of American Tower by 29.0% in the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust's stock valued at $1,629,000 after buying an additional 1,995 shares in the last quarter. Finally, CCLA Investment Management raised its position in American Tower by 5.5% in the fourth quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust's stock worth $79,344,000 after acquiring an additional 22,523 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

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American Tower Trading Up 2.4 %

American Tower stock traded up $4.93 during trading on Friday, hitting $213.25. The company's stock had a trading volume of 2,555,413 shares, compared to its average volume of 2,466,286. The stock's fifty day moving average is $205.31 and its 200 day moving average is $202.85. 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 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 (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 for the quarter, topping 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 business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same period in the prior year, the firm posted $2.29 EPS. The company's revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts predict that American Tower Co. will post 10.14 EPS 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 issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.19%. This is a boost from American Tower's previous quarterly dividend of $1.62. American Tower's dividend payout ratio (DPR) is presently 141.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AMT shares. Wells Fargo & Company upgraded 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 report on Monday, March 17th. Scotiabank reduced 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 research report on Thursday, January 23rd. Hsbc Global Res raised American Tower to a "strong-buy" rating in a research note on Thursday, February 27th. Citizens Jmp upgraded American Tower to a "strong-buy" rating in a research report on Monday, January 27th. Finally, Barclays lifted their price target on American Tower from $214.00 to $223.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $232.07.

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company 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.