American Tower Co. (NYSE:AMT) Shares Sold by Blue Chip Partners LLC

Blue Chip Partners LLC trimmed its position in American Tower Co. (NYSE:AMT) by 10.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,939 shares of the real estate investment trust’s stock after selling 4,980 shares during the period. Blue Chip Partners LLC’s holdings in American Tower were worth $7,509,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc increased its position in shares of American Tower by 2.4% during the fourth quarter. CIBC Asset Management Inc now owns 90,746 shares of the real estate investment trust’s stock worth $16,644,000 after purchasing an additional 2,136 shares in the last quarter. Raelipskie Partnership raised its stake in American Tower by 7.1% during the fourth quarter. Raelipskie Partnership now owns 5,304 shares of the real estate investment trust’s stock worth $973,000 after purchasing an additional 350 shares during the period. Allworth Financial LP boosted its holdings in American Tower by 380.2% in the 4th quarter. Allworth Financial LP now owns 34,642 shares of the real estate investment trust’s stock valued at $6,419,000 after purchasing an additional 27,428 shares during the last quarter. Palumbo Wealth Management LLC grew its stake in shares of American Tower by 2.6% in the 4th quarter. Palumbo Wealth Management LLC now owns 3,812 shares of the real estate investment trust’s stock valued at $699,000 after buying an additional 98 shares during the period. Finally, TigerOak Management L.L.C. acquired a new stake in shares of American Tower during the 4th quarter worth approximately $1,102,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Down 0.3 %

Shares of American Tower stock opened at $189.41 on Monday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a 50 day moving average of $186.70 and a 200 day moving average of $208.71. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market capitalization of $88.51 billion, a P/E ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84.

American Tower Announces Dividend

The company 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. This represents a $6.48 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Friday, December 27th. American Tower’s payout ratio is 273.42%.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AMT shares. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research report on Monday, January 27th. Mizuho lowered their price target on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Scotiabank dropped their price target on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company lowered their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.79.

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.