Thrive Wealth Management LLC Decreases Holdings in American Tower Co. (NYSE:AMT)

Thrive Wealth Management LLC trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 18.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,355 shares of the real estate investment trust’s stock after selling 1,005 shares during the quarter. Thrive Wealth Management LLC’s holdings in American Tower were worth $799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in AMT. Fortitude Family Office LLC raised its holdings in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares during the last quarter. Fairscale Capital LLC acquired a new position in shares of American Tower in the 2nd quarter valued at $27,000. Northwest Investment Counselors LLC purchased a new position in American Tower in the 3rd quarter worth $30,000. Hara Capital LLC acquired a new stake in American Tower during the 3rd quarter worth about $31,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of American Tower during the third quarter worth about $34,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of research reports. Barclays cut their price objective on shares of American Tower from $251.00 to $215.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Mizuho reduced their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. upped their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Scotiabank decreased their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $230.67.

American Tower Stock Up 0.2 %

AMT opened at $190.51 on Monday. The company has a market cap of $89.02 billion, a PE ratio of 80.39, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a 50-day moving average price of $192.86 and a 200 day moving average price of $211.42. 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 quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the firm earned $2.58 earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. Sell-side analysts expect that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is 273.42%.

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.