By otakuyassine3@gmail.com 
Meadow Creek Wealth Advisors LLC cut its stake in shares of American Tower Co. (NYSE:AMT – Free Report) by 12.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,289 shares of the real estate investment trust’s stock after selling 191 shares during the period. Meadow Creek Wealth Advisors LLC’s holdings in American Tower were worth $236,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in AMT. Fortitude Family Office LLC lifted its stake in American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of American Tower during the third quarter valued at approximately $30,000. Hara Capital LLC purchased a new position in shares of American Tower in the third quarter valued at approximately $31,000. Legacy Investment Solutions LLC acquired a new stake in shares of American Tower in the third quarter worth approximately $34,000. Finally, Activest Wealth Management increased its position in shares of American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.
American Tower Stock Up 1.8 %
NYSE:AMT opened at $187.53 on Thursday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock’s fifty day moving average is $189.66 and its two-hundred day moving average is $210.06. The stock has a market capitalization of $87.63 billion, a price-to-earnings ratio of 79.13, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84.
American Tower Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio is currently 273.42%.
Insiders Place Their Bets
In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.
Analysts Set New Price Targets
AMT has been the topic of several recent research reports. The Goldman Sachs Group lowered their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Scotiabank dropped 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 note on Thursday, January 23rd. Wells Fargo & Company decreased their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $226.23.
Get Our Latest Analysis on American Tower
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.
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