Bartlett & CO. Wealth Management LLC Sells 5,214 Shares of American Tower Corporation (NYSE:AMT)

Bartlett & CO. Wealth Management LLC reduced its stake in shares of American Tower Corporation (NYSE:AMT) by 1.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 276,627 shares of the real estate investment trust’s stock after selling 5,214 shares during the period. Bartlett & CO. Wealth Management LLC owned approximately 0.06% of American Tower worth $60,194,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Brighton Jones LLC lifted its holdings in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after acquiring an additional 2,104 shares during the last quarter. Illinois Municipal Retirement Fund raised its position in American Tower by 89.5% in the 4th quarter. Illinois Municipal Retirement Fund now owns 5,936 shares of the real estate investment trust’s stock worth $1,089,000 after purchasing an additional 2,804 shares during the period. Advisor OS LLC raised its position in American Tower by 15.4% in the 4th quarter. Advisor OS LLC now owns 1,194 shares of the real estate investment trust’s stock worth $219,000 after purchasing an additional 159 shares during the period. Checchi Capital Advisers LLC lifted its stake in American Tower by 5.9% in the fourth quarter. Checchi Capital Advisers LLC now owns 6,052 shares of the real estate investment trust’s stock worth $1,110,000 after purchasing an additional 336 shares during the last quarter. Finally, Heritage Investors Management Corp boosted its position in American Tower by 3.9% during the fourth quarter. Heritage Investors Management Corp now owns 106,870 shares of the real estate investment trust’s stock valued at $19,601,000 after buying an additional 3,997 shares during the period. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on AMT. Raymond James Financial boosted their target price on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. UBS Group lifted their price target on American Tower from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Royal Bank Of Canada increased their price objective on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Wells Fargo & Company lifted their target price on shares of American Tower from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 30th. Finally, Citigroup upped their price target on shares of American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower presently has an average rating of “Buy” and a consensus price target of $240.25.

American Tower Price Performance

Shares of NYSE AMT opened at $217.64 on Friday. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56. The stock has a market capitalization of $101.89 billion, a P/E ratio of 55.95, a P/E/G ratio of 1.63 and a beta of 0.81. The company’s 50-day moving average is $215.79 and its 200 day moving average is $203.72. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.79 EPS. On average, sell-side analysts expect that American Tower Corporation will post 10.14 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is presently 174.81%.

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.