Legacy Trust Has $753,000 Holdings in American Tower Co. (NYSE:AMT)

Legacy Trust lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 3.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,106 shares of the real estate investment trust’s stock after selling 157 shares during the period. Legacy Trust’s holdings in American Tower were worth $753,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Balentine LLC bought a new position in American Tower in the third quarter valued at about $586,000. Nordea Investment Management AB grew its position in shares of American Tower by 28.5% in the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock valued at $260,743,000 after purchasing an additional 314,769 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of American Tower during the third quarter worth $1,156,000. Czech National Bank increased its holdings in American Tower by 6.9% during the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares in the last quarter. Finally, Brookstone Capital Management raised its position in American Tower by 29.0% in the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 1,995 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on AMT shares. BMO Capital Markets lowered their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Barclays dropped their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a report on Tuesday. Scotiabank reduced their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. The Goldman Sachs Group cut their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Wells Fargo & Company decreased their target price on American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $226.23.

American Tower Trading Down 1.6 %

AMT stock opened at $183.87 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 market capitalization of $85.92 billion, a PE ratio of 77.58, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84. The company’s 50-day simple moving average is $191.66 and its 200 day simple moving average is $210.97. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last announced its 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). The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.58 earnings per share. As a group, sell-side analysts anticipate that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be issued a $1.62 dividend. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.52%. American Tower’s dividend payout ratio is presently 273.42%.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were 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. The trade was a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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.