Pittenger & Anderson Inc. Trims Stock Holdings in American Tower Co. (NYSE:AMT)

Pittenger & Anderson Inc. trimmed its holdings in American Tower Co. (NYSE:AMT) by 16.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 78,137 shares of the real estate investment trust’s stock after selling 15,497 shares during the quarter. Pittenger & Anderson Inc.’s holdings in American Tower were worth $14,331,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of AMT. Palumbo Wealth Management LLC grew its position in shares of American Tower by 1.6% during the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $864,000 after purchasing an additional 57 shares in the last quarter. Rehmann Capital Advisory Group grew its position in shares of American Tower by 4.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after purchasing an additional 58 shares in the last quarter. Precedent Wealth Partners LLC grew its position in shares of American Tower by 4.7% during the 4th quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 58 shares in the last quarter. Fullcircle Wealth LLC grew its position in shares of American Tower by 1.2% during the 3rd quarter. Fullcircle Wealth LLC now owns 5,053 shares of the real estate investment trust’s stock valued at $1,123,000 after purchasing an additional 61 shares in the last quarter. Finally, Resonant Capital Advisors LLC grew its position in shares of American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after purchasing an additional 61 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AMT shares. Mizuho reduced their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Barclays dropped their price objective on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. BMO Capital Markets dropped their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Wells Fargo & Company dropped their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Finally, Citigroup dropped their price objective on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $225.79.

American Tower Stock Performance

American Tower stock opened at $189.41 on Monday. 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 company has a market capitalization of $88.51 billion, a PE ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84. The firm has a fifty day simple moving average of $186.70 and a two-hundred day simple moving average of $208.71. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is 273.42%.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were 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 of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company’s stock.

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.