WASHINGTON TRUST Co Lowers Stock Position in American Tower Co. (NYSE:AMT)

WASHINGTON TRUST Co lessened its holdings in American Tower Co. (NYSE:AMT - Free Report) by 2.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,327 shares of the real estate investment trust's stock after selling 1,404 shares during the quarter. WASHINGTON TRUST Co's holdings in American Tower were worth $12,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. Balentine LLC acquired a new position in American Tower during the third quarter worth $586,000. Nordea Investment Management AB boosted its position 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 purchasing an additional 314,769 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of American Tower during the 3rd quarter worth $1,156,000. Brookstone Capital Management increased its holdings in shares of American Tower by 29.0% in the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust's stock valued at $1,629,000 after purchasing an additional 1,995 shares in the last quarter. Finally, CCLA Investment Management lifted its stake in shares of 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 valued at $79,344,000 after purchasing an additional 22,523 shares during the period. Institutional investors and hedge funds own 92.69% of the company's stock.

American Tower Trading Down 0.5 %

Shares of NYSE AMT traded down $1.00 during midday trading on Wednesday, reaching $188.55. 2,470,020 shares of the stock were exchanged, compared to its average volume of 2,123,010. The stock has a 50 day moving average price of $186.11 and a 200-day moving average price of $208.12. 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 company has a market capitalization of $88.11 billion, a P/E ratio of 79.56, a P/E/G ratio of 1.27 and a beta of 0.84. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were paid a $1.62 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.44%. American Tower's payout ratio is currently 273.42%.

Insider Buying and Selling at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower 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 completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their target price on shares of American Tower from $215.00 to $195.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 23rd. Citizens Jmp upgraded American Tower to a "strong-buy" rating in a report on Monday, January 27th. The Goldman Sachs Group reduced their price objective on American Tower from $260.00 to $234.00 and set a "buy" rating for the company in a report on Thursday, December 12th. StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Finally, Mizuho cut their price target on American Tower from $221.00 to $204.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of "Moderate Buy" and a consensus price target of $225.79.

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.