Perigon Wealth Management LLC Reduces Stake in American Tower Co. (NYSE:AMT)

Perigon Wealth Management LLC trimmed its position in shares of American Tower Co. (NYSE:AMT) by 16.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,018 shares of the real estate investment trust’s stock after selling 978 shares during the quarter. Perigon Wealth Management LLC’s holdings in American Tower were worth $954,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CX Institutional grew its stake in American Tower by 2.9% in the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after acquiring an additional 54 shares during the last quarter. Palumbo Wealth Management LLC increased its stake 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 worth $864,000 after purchasing an additional 57 shares in the last quarter. Rehmann Capital Advisory Group raised 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 worth $332,000 after purchasing an additional 58 shares during the last quarter. Precedent Wealth Partners LLC lifted its stake in American Tower by 4.7% in 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 buying an additional 58 shares in the last quarter. Finally, Sivia Capital Partners LLC grew its holdings in American Tower by 5.3% during the 3rd quarter. Sivia Capital Partners LLC now owns 1,179 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 59 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

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 sale, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on AMT shares. Scotiabank reduced their price objective on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. The Goldman Sachs Group reduced their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Mizuho lowered their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. JMP Securities began coverage on shares of American Tower in a research note on Monday. They set an “outperform” rating and a $225.00 price objective on the stock. Finally, Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research note on Monday. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $226.23.

American Tower Stock Performance

Shares of NYSE:AMT opened at $185.71 on Friday. The firm has a market capitalization of $86.78 billion, a PE ratio of 78.36, a P/E/G ratio of 1.24 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The business has a 50-day moving average of $191.32 and a two-hundred day moving average of $210.78.

American Tower (NYSE:AMT) last posted its quarterly 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the business posted $2.58 EPS. The company’s quarterly revenue was down 10.5% on a year-over-year basis. As a group, research analysts forecast that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.49%. American Tower’s payout ratio is 273.42%.

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.