Destination Wealth Management Buys 1,783 Shares of American Tower Co. (NYSE:AMT)

Destination Wealth Management grew its stake in American Tower Co. (NYSE:AMT) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,775 shares of the real estate investment trust’s stock after purchasing an additional 1,783 shares during the period. Destination Wealth Management’s holdings in American Tower were worth $17,749,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Hara Capital LLC bought a new stake in shares of American Tower during the 3rd quarter worth approximately $31,000. Roxbury Financial LLC bought a new stake in shares of American Tower during the 4th quarter worth approximately $32,000. Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the 3rd quarter worth approximately $34,000. Activest Wealth Management lifted its stake in shares of American Tower by 431.0% during the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 125 shares during the last quarter. Finally, Bank of Jackson Hole Trust bought a new stake in shares of American Tower during the 4th quarter worth approximately $46,000. 92.69% of the stock is owned by institutional investors.

American Tower Stock Performance

Shares of AMT stock opened at $206.89 on Friday. The stock’s 50-day moving average is $188.99 and its two-hundred day moving average is $206.45. The firm has a market cap of $96.68 billion, a price-to-earnings ratio of 87.29, a PEG ratio of 1.29 and a beta of 0.85. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. 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 released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter last year, the company posted $2.29 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. Analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.29%. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio (DPR) is presently 134.72%.

Insider Activity at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AMT shares. Barclays decreased their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. The Goldman Sachs Group decreased their target price 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. Morgan Stanley decreased their target price on American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a research report on Monday, February 24th. Hsbc Global Res raised American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Citigroup decreased their target price on American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, February 14th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average target price of $225.21.

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.