Precedent Wealth Partners LLC Acquires 58 Shares of American Tower Co. (NYSE:AMT)

Precedent Wealth Partners LLC increased its holdings in shares of American Tower Co. (NYSE:AMT) by 4.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,281 shares of the real estate investment trust’s stock after acquiring an additional 58 shares during the period. Precedent Wealth Partners LLC’s holdings in American Tower were worth $235,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fortitude Family Office LLC grew its position 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 worth $25,000 after buying an additional 78 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of American Tower in the third quarter worth $30,000. Hara Capital LLC acquired a new stake in shares of American Tower during the third quarter worth $31,000. Legacy Investment Solutions LLC purchased a new stake in shares of American Tower during the third quarter valued at $34,000. Finally, Activest Wealth Management increased its position in shares of American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 125 shares during the period. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Down 0.7 %

Shares of NYSE:AMT opened at $185.17 on Friday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market capitalization of $86.53 billion, a price-to-earnings ratio of 78.13, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84. The business’s 50 day moving average price is $192.08 and its 200-day moving average price is $211.04.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the firm posted $2.58 earnings per share. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, equities research analysts forecast that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

Wall Street Analyst Weigh In

AMT has been the topic of a number of research reports. Barclays cut their price objective on American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank lowered their price target on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a report on Thursday. Finally, Mizuho reduced their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $226.42.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction 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 $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.18% of the stock is owned by insiders.

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.