Kirtland Hills Capital Management LLC Trims Position in American Tower Co. (NYSE:AMT)

Kirtland Hills Capital Management LLC lessened its stake in shares of American Tower Co. (NYSE:AMT) by 15.2% during the 4th quarter, Holdings Channel reports. The fund owned 5,896 shares of the real estate investment trust’s stock after selling 1,059 shares during the quarter. Kirtland Hills Capital Management LLC’s holdings in American Tower were worth $1,081,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AMT. Palumbo Wealth Management LLC boosted its stake in shares of American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $864,000 after acquiring an additional 57 shares during the last quarter. Rehmann Capital Advisory Group boosted its stake in shares of American Tower by 4.2% during the third quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock valued at $332,000 after acquiring an additional 58 shares during the last quarter. Precedent Wealth Partners LLC boosted its stake in shares of American Tower by 4.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 58 shares during the last quarter. Fullcircle Wealth LLC boosted its stake in shares of American Tower by 1.2% during the third quarter. Fullcircle Wealth LLC now owns 5,053 shares of the real estate investment trust’s stock valued at $1,123,000 after acquiring an additional 61 shares during the last quarter. Finally, Resonant Capital Advisors LLC boosted its stake in shares of American Tower by 5.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after acquiring an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on AMT shares. BMO Capital Markets decreased their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Citigroup decreased their price target on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, February 14th. Mizuho decreased their price target on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Scotiabank decreased their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company cut their price objective on American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $227.00.

American Tower Stock Performance

Shares of NYSE:AMT opened at $203.84 on Wednesday. The company has a market cap of $95.25 billion, a P/E ratio of 86.01, a PEG ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The business’s 50-day simple moving average is $185.84 and its 200 day simple moving average is $207.01.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same period last year, the business posted $2.29 EPS. The company’s revenue was up 3.7% on a year-over-year basis. On average, sell-side analysts forecast that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm 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 3.18%. American Tower’s dividend payout ratio is presently 273.42%.

Insiders Place Their Bets

In other 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 value of $3,000,283.70. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

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.