Cabot Wealth Management Inc. Acquires 1,313 Shares of American Tower Co. (NYSE:AMT)

Cabot Wealth Management Inc. grew its holdings in American Tower Co. (NYSE:AMT) by 2.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 47,926 shares of the real estate investment trust’s stock after acquiring an additional 1,313 shares during the period. Cabot Wealth Management Inc.’s holdings in American Tower were worth $8,790,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AMT. Fortitude Family Office LLC lifted its stake in 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 acquiring an additional 78 shares during the period. Hara Capital LLC bought a new position in American Tower in the 3rd quarter worth $31,000. Roxbury Financial LLC purchased a new stake in shares of American Tower in the 4th quarter worth about $32,000. Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the 3rd quarter valued at about $34,000. Finally, Activest Wealth Management increased its position in shares of American Tower by 431.0% during the third quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 125 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AMT shares. Citigroup cut their price objective on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. Scotiabank dropped their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. JMP Securities began coverage on American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price objective for the company. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company decreased their price target on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $225.79.

American Tower Stock Down 0.5 %

American Tower stock opened at $191.32 on Friday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The stock has a fifty day simple moving average of $185.67 and a two-hundred day simple moving average of $207.49. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a market cap of $89.40 billion, a price-to-earnings ratio of 80.73, a PEG ratio of 1.29 and a beta of 0.84.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio is currently 273.42%.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred 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 owns 62,792 shares in the company, valued at $11,371,631.20. This 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 at the SEC website. Insiders own 0.18% of the company’s stock.

American Tower 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.