Raymond James & Associates Lowers Stock Position in American Tower Co. (NYSE:AMT)

Raymond James & Associates cut its stake in shares of American Tower Co. (NYSE:AMT) by 20.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 991,521 shares of the real estate investment trust’s stock after selling 248,667 shares during the period. Raymond James & Associates owned 0.21% of American Tower worth $195,915,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Cross Staff Investments Inc increased its holdings in American Tower by 5.1% in the 4th quarter. Cross Staff Investments Inc now owns 5,027 shares of the real estate investment trust’s stock valued at $1,085,000 after purchasing an additional 244 shares in the last quarter. Gateway Investment Advisers LLC grew its stake in shares of American Tower by 57.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after buying an additional 13,074 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of American Tower by 0.5% during the 3rd quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock valued at $29,155,000 after buying an additional 806 shares during the period. PDS Planning Inc raised its holdings in shares of American Tower by 16.1% during the 3rd quarter. PDS Planning Inc now owns 1,821 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 253 shares during the period. Finally, FAS Wealth Partners Inc. acquired a new position in American Tower during the 4th quarter worth approximately $2,001,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

American Tower stock traded down $1.21 during midday trading on Friday, reaching $171.69. 1,701,397 shares of the stock traded hands, compared to its average volume of 2,597,943. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. The firm has a market cap of $80.07 billion, a price-to-earnings ratio of 53.99, a PEG ratio of 1.36 and a beta of 0.67. The firm has a fifty day moving average price of $190.29 and a two-hundred day moving average price of $194.42.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter last year, the company posted $2.34 EPS. American Tower’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that American Tower Co. will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.77%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is presently 203.77%.

Analyst Ratings Changes

A number of brokerages have commented on AMT. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Mizuho assumed coverage on American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. BMO Capital Markets cut their target price on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Finally, Barclays raised their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $217.36.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were 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 directly owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s 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 sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. Insiders own 0.24% 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.