Precedent Wealth Partners LLC Acquires 58 Shares of American Tower Co. (NYSE:AMT)

Precedent Wealth Partners LLC raised its holdings in American Tower Co. (NYSE:AMT) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,281 shares of the real estate investment trust’s stock after buying an additional 58 shares during the quarter. Precedent Wealth Partners LLC’s holdings in American Tower were worth $235,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Fortitude Family Office LLC raised its holdings in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower in the third quarter valued at about $30,000. Hara Capital LLC bought a new position in shares of American Tower during the third quarter valued at about $31,000. Legacy Investment Solutions LLC purchased a new position in American Tower during the third quarter worth about $34,000. Finally, Activest Wealth Management lifted its position in shares of American Tower by 431.0% during the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Down 0.7 %

Shares of AMT opened at $185.17 on Friday. The stock has a 50 day simple moving average of $192.08 and a two-hundred day simple moving average of $211.04. 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 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market cap of $86.53 billion, a P/E ratio of 78.13, a P/E/G ratio of 1.24 and a beta of 0.84.

American Tower (NYSE:AMT) 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 the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the previous year, the company earned $2.58 EPS. The company’s quarterly revenue was down 10.5% on a year-over-year basis. On average, analysts forecast that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.50%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Analyst Ratings Changes

AMT has been the subject of several research analyst reports. The Goldman Sachs Group decreased their target price on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Mizuho dropped their target price on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Barclays decreased their target price on American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company reduced their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Scotiabank cut their price objective 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. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average target price of $226.42.

Insider Transactions at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the 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 completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.18% of the company’s stock.

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.