WASHINGTON TRUST Co Cuts Position in American Tower Co. (NYSE:AMT)

WASHINGTON TRUST Co trimmed its position in shares of American Tower Co. (NYSE:AMT) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,327 shares of the real estate investment trust’s stock after selling 1,404 shares during the period. WASHINGTON TRUST Co’s holdings in American Tower were worth $12,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of AMT. State Street Corp raised its stake in American Tower by 3.1% during the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after purchasing an additional 635,726 shares in the last quarter. Geode Capital Management LLC raised its position in shares of American Tower by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock valued at $2,599,074,000 after buying an additional 204,426 shares in the last quarter. FMR LLC lifted its holdings in shares of American Tower by 25.4% in the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after acquiring an additional 2,152,646 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in American Tower by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock worth $1,211,397,000 after acquiring an additional 243,061 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in American Tower by 0.9% in the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock worth $981,455,000 after acquiring an additional 38,436 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at American Tower

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 sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

AMT has been the subject of a number of recent research reports. JMP Securities initiated coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price for the company. Barclays cut their price objective on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. The Goldman Sachs Group dropped their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho reduced 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. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $225.79.

American Tower Trading Down 0.3 %

NYSE:AMT opened at $189.41 on Friday. The firm has a 50-day simple moving average of $187.05 and a 200-day simple moving average of $209.07. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The firm has a market cap of $88.51 billion, a P/E ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.42%. American Tower’s dividend payout ratio is currently 273.42%.

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.