American Tower Co. (NYSE:AMT) Shares Sold by RB Capital Management LLC

RB Capital Management LLC lessened its stake in shares of American Tower Co. (NYSE:AMT) by 3.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,323 shares of the real estate investment trust’s stock after selling 310 shares during the quarter. RB Capital Management LLC’s holdings in American Tower were worth $1,797,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AMT. Brookstone Capital Management boosted its position in shares of American Tower by 4.4% during the third quarter. Brookstone Capital Management now owns 5,628 shares of the real estate investment trust’s stock worth $897,000 after buying an additional 237 shares during the period. Compagnie Lombard Odier SCmA grew its position in American Tower by 49.1% in the 3rd quarter. Compagnie Lombard Odier SCmA now owns 1,396 shares of the real estate investment trust’s stock valued at $230,000 after acquiring an additional 460 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in American Tower during the third quarter worth about $401,000. Mission Wealth Management LP lifted its position in shares of American Tower by 10.0% during the third quarter. Mission Wealth Management LP now owns 2,086 shares of the real estate investment trust’s stock worth $343,000 after purchasing an additional 189 shares in the last quarter. Finally, Maple Brown Abbott Ltd acquired a new position in shares of American Tower in the third quarter valued at approximately $54,709,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

NYSE:AMT traded up $5.28 during trading hours on Wednesday, reaching $176.84. 3,533,326 shares of the company’s stock were exchanged, compared to its average volume of 2,434,875. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The firm has a market capitalization of $82.47 billion, a price-to-earnings ratio of 55.61, a P/E/G ratio of 1.38 and a beta of 0.67. The company has a 50-day moving average of $189.71 and a 200 day moving average of $194.53.

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

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a yield of 3.66%. American Tower’s payout ratio is currently 203.77%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, February 28th. Barclays lifted their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $226.00 to $248.00 in a report on Wednesday. Mizuho initiated coverage on American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price on the stock. Finally, Morgan Stanley lifted their price target on American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus target price of $221.91.

Insider Transactions at American Tower

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

American Tower 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.