American Tower Co. (NYSE:AMT) Position Cut by Hartford Investment Management Co.

Hartford Investment Management Co. trimmed its stake in American Tower Co. (NYSE:AMT) by 1.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 28,823 shares of the real estate investment trust’s stock after selling 558 shares during the quarter. Hartford Investment Management Co.’s holdings in American Tower were worth $5,286,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Balentine LLC bought a new stake in American Tower in the third quarter valued at $586,000. Nordea Investment Management AB lifted its stake in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock valued at $260,743,000 after buying an additional 314,769 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in American Tower in the third quarter valued at $1,156,000. Brookstone Capital Management lifted its stake in American Tower by 29.0% in the fourth quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 1,995 shares during the last quarter. Finally, CCLA Investment Management lifted its stake in American Tower by 5.5% in the fourth quarter. CCLA Investment Management now owns 432,891 shares of the real estate investment trust’s stock valued at $79,344,000 after buying an additional 22,523 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

NYSE:AMT opened at $193.45 on Wednesday. The business’s 50-day moving average price is $188.09 and its 200 day moving average price is $209.49. The firm has a market cap of $90.40 billion, a P/E ratio of 81.63, a PEG ratio of 1.27 and a beta of 0.84. American Tower Co. has a 52-week low of $170.46 and a 52-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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were issued a dividend of $1.62 per share. The ex-dividend date was Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.35%. American Tower’s payout ratio is presently 273.42%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AMT shares. Barclays cut their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. The Goldman Sachs Group cut their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company cut their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Four research 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $226.23.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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.