NewEdge Wealth LLC Increases Holdings in American Tower Co. (NYSE:AMT)

NewEdge Wealth LLC increased its holdings in shares of American Tower Co. (NYSE:AMT) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,839 shares of the real estate investment trust’s stock after purchasing an additional 835 shares during the period. NewEdge Wealth LLC’s holdings in American Tower were worth $3,203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in AMT. McClarren Financial Advisors Inc. purchased a new stake in American Tower during the 3rd quarter worth $27,000. Emerald Advisers LLC purchased a new position in American Tower in the 3rd quarter valued at about $29,000. Thompson Investment Management Inc. purchased a new position in American Tower in the 4th quarter valued at about $29,000. Pinnacle Holdings LLC purchased a new position in American Tower in the 1st quarter valued at about $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in American Tower in the 2nd quarter valued at about $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Barclays upped their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. BMO Capital Markets decreased their price objective on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a research report on Wednesday, February 28th. Finally, Mizuho started coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price on the stock. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $214.91.

Insider Buying and Selling

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 sale, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on 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 owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.

American Tower Price Performance

AMT opened at $179.20 on Friday. The firm has a market cap of $83.57 billion, a price-to-earnings ratio of 56.35, a price-to-earnings-growth ratio of 1.24 and a beta of 0.67. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The company’s 50-day moving average price is $193.88 and its 200 day moving average price is $193.33. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. American Tower’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.34 EPS. As a group, sell-side analysts expect that American Tower Co. will post 10.05 earnings per share for the current year.

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Investors of record on Friday, April 12th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.62%. American Tower’s dividend payout ratio (DPR) is 203.77%.

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.