Corient Private Wealth LLC Sells 28,096 Shares of American Tower Co. (NYSE:AMT)

Corient Private Wealth LLC lessened its stake in shares of American Tower Co. (NYSE:AMT) by 4.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 671,287 shares of the real estate investment trust’s stock after selling 28,096 shares during the period. Corient Private Wealth LLC owned about 0.14% of American Tower worth $123,122,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Greenwich Wealth Management LLC boosted its position in American Tower by 2.1% during the fourth quarter. Greenwich Wealth Management LLC now owns 3,681 shares of the real estate investment trust’s stock worth $675,000 after purchasing an additional 75 shares during the period. Centurion Wealth Management LLC boosted its position in American Tower by 13.1% during the fourth quarter. Centurion Wealth Management LLC now owns 3,543 shares of the real estate investment trust’s stock worth $650,000 after purchasing an additional 410 shares during the period. Ninepoint Partners LP boosted its position in American Tower by 6.7% during the fourth quarter. Ninepoint Partners LP now owns 9,724 shares of the real estate investment trust’s stock worth $1,783,000 after purchasing an additional 612 shares during the period. Avalon Trust Co boosted its position in American Tower by 0.5% during the fourth quarter. Avalon Trust Co now owns 76,261 shares of the real estate investment trust’s stock worth $13,987,000 after purchasing an additional 398 shares during the period. Finally, Diversified Enterprises LLC bought a new position in American Tower during the fourth quarter worth about $232,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on AMT shares. Barclays cut their target price on shares of 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 cut their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Wells Fargo & Company cut 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 research report on Thursday, January 23rd. Finally, JMP Securities began coverage on shares of American Tower in a research report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $226.29.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction 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 transaction, the chief financial officer now directly 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 filing with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is owned by insiders.

American Tower Trading Up 1.6 %

AMT stock opened at $211.02 on Friday. The company has a market capitalization of $98.64 billion, a PE ratio of 89.04, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The company’s 50 day moving average price is $192.33 and its two-hundred day moving average price is $205.82. 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 posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, topping the consensus estimate of $1.79 by $0.83. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period last year, the firm posted $2.29 earnings per share. The business’s revenue was up 3.7% compared to the same quarter last year. As a group, analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be paid a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.22%. This is an increase from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower’s payout ratio is presently 141.37%.

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.