RKL Wealth Management LLC Sells 2,849 Shares of American Tower Co. (NYSE:AMT)

RKL Wealth Management LLC decreased its holdings in shares of American Tower Co. (NYSE:AMT) by 32.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,048 shares of the real estate investment trust’s stock after selling 2,849 shares during the quarter. RKL Wealth Management LLC’s holdings in American Tower were worth $1,407,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cultivar Capital Inc. bought a new position in American Tower during the second quarter valued at about $25,000. Fortitude Family Office LLC raised its stake in shares of 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 acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in American Tower in the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC bought a new stake in American Tower during the second quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in American Tower during the third quarter valued at approximately $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

NYSE:AMT opened at $201.80 on Friday. 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 firm has a market cap of $94.30 billion, a PE ratio of 85.15, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company’s 50-day moving average price is $226.12 and its two-hundred day moving average price is $209.83.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the company earned $2.58 earnings per share. The firm’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.21%. American Tower’s dividend payout ratio is 273.42%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AMT. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Barclays lifted their price objective on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Royal Bank of Canada lifted their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $235.85.

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.