NewEdge Advisors LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

NewEdge Advisors LLC lowered its position in American Tower Co. (NYSE:AMT) by 67.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,076 shares of the real estate investment trust’s stock after selling 150,433 shares during the quarter. NewEdge Advisors LLC’s holdings in American Tower were worth $13,586,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of AMT. Norges Bank acquired a new position in shares of American Tower in the fourth quarter valued at approximately $1,164,851,000. Cohen & Steers Inc. boosted its holdings in shares of American Tower by 21.8% in the fourth quarter. Cohen & Steers Inc. now owns 19,176,365 shares of the real estate investment trust’s stock valued at $3,516,890,000 after acquiring an additional 3,437,602 shares in the last quarter. Raymond James Financial Inc. purchased a new position in American Tower during the fourth quarter worth about $193,246,000. Daiwa Securities Group Inc. boosted its holdings in American Tower by 456.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust’s stock valued at $206,269,000 after purchasing an additional 922,701 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in American Tower by 16.8% during the fourth quarter. Franklin Resources Inc. now owns 5,164,905 shares of the real estate investment trust’s stock worth $947,295,000 after acquiring an additional 742,632 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE:AMT opened at $223.03 on Friday. The company has a market cap of $104.26 billion, a P/E ratio of 94.10, a P/E/G ratio of 1.29 and a beta of 0.87. The firm’s 50 day moving average is $207.73 and its two-hundred day moving average is $202.71. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period last year, the company posted $2.29 EPS. Analysts expect that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.05%. This is a boost from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date of this dividend is Friday, April 11th. American Tower’s payout ratio is 141.37%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMT. BMO Capital Markets upped their price target on shares of American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. JMP Securities initiated coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target on the stock. Citigroup boosted their target price on American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Barclays boosted their price objective on shares of American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Finally, Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $232.07.

American Tower Company 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.