Red Door Wealth Management LLC Raises Stock Holdings in American Tower Co. (NYSE:AMT)

Red Door Wealth Management LLC raised its holdings in American Tower Co. (NYSE:AMT) by 6.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,792 shares of the real estate investment trust’s stock after acquiring an additional 1,186 shares during the quarter. Red Door Wealth Management LLC’s holdings in American Tower were worth $3,447,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC increased its stake in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the 3rd quarter worth $30,000. Hara Capital LLC bought a new stake in American Tower during the third quarter valued at about $31,000. Legacy Investment Solutions LLC purchased a new position in American Tower in the third quarter valued at about $34,000. Finally, Activest Wealth Management lifted its position in American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of a number of research analyst reports. Scotiabank reduced their target price on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research note on Thursday. Wells Fargo & Company reduced their price target on American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Mizuho lowered their price target 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. Finally, Barclays cut their price objective on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus target price of $226.42.

American Tower Stock Performance

NYSE AMT opened at $186.31 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market capitalization of $87.06 billion, a PE ratio of 78.61, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84. The business’s 50-day moving average price is $192.48 and its 200 day moving average price is $211.29. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.58 EPS. On average, research analysts predict that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

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.