RKL Wealth Management LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

RKL Wealth Management LLC lessened its position in American Tower Co. (NYSE:AMT - Free Report) by 32.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 6,048 shares of the real estate investment trust's stock after selling 2,849 shares during the period. RKL Wealth Management LLC's holdings in American Tower were worth $1,407,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AMT. Balentine LLC purchased a new position in shares of American Tower in the 3rd quarter valued at about $586,000. Czech National Bank increased its holdings in shares of American Tower by 6.9% in the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust's stock valued at $22,128,000 after purchasing an additional 6,163 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in American Tower by 13.8% during the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust's stock valued at $7,613,000 after acquiring an additional 4,660 shares in the last quarter. Tidal Investments LLC increased its holdings in American Tower by 27.7% during the 1st quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust's stock valued at $4,029,000 after acquiring an additional 4,430 shares in the last quarter. Finally, Cetera Advisors LLC increased its holdings in American Tower by 29.0% during the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust's stock valued at $8,157,000 after acquiring an additional 9,275 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the subject of several recent research reports. Wells Fargo & Company downgraded shares of American Tower from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Royal Bank of Canada raised their target price on shares of American Tower from $225.00 to $236.00 and gave the company an "outperform" rating in a report on Thursday, August 15th. Mizuho raised their price target on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. Finally, Barclays raised their price target on shares of American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and an average price target of $235.85.

American Tower Trading Up 2.0 %

AMT stock traded up $3.93 during midday trading on Friday, reaching $201.80. 3,981,626 shares of the company's stock traded hands, compared to its average volume of 2,433,520. The company has a market capitalization of $94.30 billion, a P/E ratio of 85.15, a PEG ratio of 1.34 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The business has a 50-day moving average price of $226.12 and a two-hundred day moving average price of $210.08.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company's quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.58 earnings per share. Equities research analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.21%. American Tower's dividend payout ratio is currently 273.42%.

American Tower Company 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.