Phoenix Financial Ltd. Reduces Position in American Tower Co. (NYSE:AMT)

Phoenix Financial Ltd. trimmed its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 94.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,721 shares of the real estate investment trust's stock after selling 31,109 shares during the period. Phoenix Financial Ltd.'s holdings in American Tower were worth $316,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. TD Private Client Wealth LLC lifted its position in shares of American Tower by 16.0% in the third quarter. TD Private Client Wealth LLC now owns 8,553 shares of the real estate investment trust's stock valued at $1,989,000 after acquiring an additional 1,177 shares in the last quarter. Rehmann Capital Advisory Group lifted its holdings in American Tower by 4.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust's stock valued at $332,000 after purchasing an additional 58 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in American Tower during the 3rd quarter worth $1,784,000. Destination Wealth Management grew its holdings in shares of American Tower by 2.7% during the third quarter. Destination Wealth Management now owns 94,992 shares of the real estate investment trust's stock worth $22,091,000 after buying an additional 2,517 shares in the last quarter. Finally, Tidal Investments LLC raised its position in shares of American Tower by 5.4% in the third quarter. Tidal Investments LLC now owns 19,990 shares of the real estate investment trust's stock valued at $4,649,000 after buying an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts recently issued reports on AMT shares. Wells Fargo & Company raised shares of American Tower from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $210.00 to $230.00 in a research note on Monday, March 17th. Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a report on Friday, March 21st. JMP Securities assumed coverage on American Tower in a research note on Monday, January 27th. They set an "outperform" rating and a $225.00 price objective on the stock. Citigroup raised their target price on American Tower from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Finally, Morgan Stanley assumed coverage on American Tower in a report on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. Two 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. Based on data from MarketBeat.com, American Tower has a consensus rating of "Buy" and an average price target of $232.07.

American Tower Trading Up 2.1 %

Shares of NYSE:AMT traded up $4.44 during mid-day trading on Monday, reaching $217.66. 2,080,588 shares of the company were exchanged, compared to its average volume of 2,459,280. American Tower Co. has a 1 year low of $170.46 and a 1 year 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 firm's 50-day simple moving average is $205.92 and its 200 day simple moving average is $202.56. The firm has a market cap of $101.75 billion, a price-to-earnings ratio of 91.84, a P/E/G ratio of 1.29 and a beta of 0.87.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly 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 business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company's quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the business posted $2.29 earnings per share. Equities research analysts forecast that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The firm 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 dividend of $1.70 per share. The ex-dividend date is Friday, April 11th. 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 yield of 3.12%. American Tower's dividend payout ratio is 141.37%.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

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.