Cary Street Partners Asset Management LLC Sells 1,559 Shares of American Tower Co. (NYSE:AMT)

Cary Street Partners Asset Management LLC decreased its position in shares of American Tower Co. (NYSE:AMT) by 9.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,367 shares of the real estate investment trust’s stock after selling 1,559 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in American Tower were worth $3,102,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Alera Investment Advisors LLC lifted its position in American Tower by 1.3% during the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after purchasing an additional 51 shares during the period. First Business Financial Services Inc. raised its stake in American Tower by 1.3% during the third quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock worth $705,000 after acquiring an additional 55 shares in the last quarter. Northcape Wealth Management LLC raised its stake in American Tower by 0.5% during the third quarter. Northcape Wealth Management LLC now owns 10,521 shares of the real estate investment trust’s stock worth $1,730,000 after acquiring an additional 56 shares in the last quarter. Augustine Asset Management Inc. raised its stake in American Tower by 0.8% during the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock worth $1,531,000 after acquiring an additional 56 shares in the last quarter. Finally, Choreo LLC raised its stake in American Tower by 1.4% during the fourth quarter. Choreo LLC now owns 4,269 shares of the real estate investment trust’s stock worth $922,000 after acquiring an additional 58 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 1.5 %

NYSE:AMT traded up $2.57 on Wednesday, reaching $174.13. 960,007 shares of the stock traded hands, compared to its average volume of 2,415,507. The firm has a market capitalization of $81.21 billion, a price-to-earnings ratio of 53.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.67. The company’s 50 day moving average is $189.71 and its 200-day moving average is $194.53. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.79 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.54 EPS. Equities research analysts anticipate that American Tower Co. will post 9.94 EPS for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s payout ratio is 203.77%.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of several research analyst reports. BMO Capital Markets lowered their target price on American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th. Mizuho initiated coverage on American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 target price for the company. JPMorgan Chase & Co. lowered their target price on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Finally, Morgan Stanley upped their price objective on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $221.27.

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.