Fortitude Advisory Group L.L.C. Lowers Position in American Tower Co. (NYSE:AMT)

Fortitude Advisory Group L.L.C. lowered its stake in shares of American Tower Co. (NYSE:AMT) by 18.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,853 shares of the real estate investment trust’s stock after selling 407 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in American Tower were worth $340,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AMT. Fortitude Family Office LLC raised its holdings in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter valued at about $30,000. Hara Capital LLC bought a new position in shares of American Tower during the 3rd quarter worth approximately $31,000. Legacy Investment Solutions LLC purchased a new position in American Tower in the third quarter worth $34,000. Finally, Activest Wealth Management grew its stake in 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 purchasing an additional 125 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower 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 sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by company insiders.

American Tower Stock Performance

NYSE:AMT opened at $192.01 on Tuesday. The stock has a market cap of $89.72 billion, a P/E ratio of 81.01, a PEG ratio of 1.24 and a beta of 0.84. 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 business’s 50-day moving average price is $192.08 and its two-hundred day moving average price is $211.24. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the business earned $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that American Tower Co. will post 10.15 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Ratings Changes

Several brokerages have commented on AMT. Mizuho lowered their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research report on Monday. Wells Fargo & Company lowered their price target on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 23rd. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Barclays dropped their target price on American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $226.31.

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.