Spire Wealth Management Boosts Holdings in American Tower Co. (NYSE:AMT)

Spire Wealth Management raised its stake in shares of American Tower Co. (NYSE:AMT) by 84.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,550 shares of the real estate investment trust’s stock after purchasing an additional 3,916 shares during the period. Spire Wealth Management’s holdings in American Tower were worth $1,568,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. State Street Corp lifted its stake in shares of American Tower by 3.1% in the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock worth $4,924,091,000 after buying an additional 635,726 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of American Tower by 1.9% in the third quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock worth $2,599,074,000 after buying an additional 204,426 shares in the last quarter. FMR LLC lifted its stake in shares of American Tower by 25.4% in the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock worth $2,474,934,000 after buying an additional 2,152,646 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of American Tower by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock worth $1,211,397,000 after buying an additional 243,061 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in American Tower by 0.9% during the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock worth $981,455,000 after purchasing an additional 38,436 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of AMT opened at $185.53 on Tuesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market capitalization of $86.70 billion, a P/E ratio of 78.28, a P/E/G ratio of 1.24 and a beta of 0.84. The company’s fifty day moving average is $190.58 and its two-hundred day moving average is $210.42. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.49%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were 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 directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This represents a 20.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMT. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Mizuho dropped their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Barclays dropped their price target on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. JMP Securities started coverage on shares of American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 price target for the company. Finally, The Goldman Sachs Group dropped their price target on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $226.23.

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.