Thrive Wealth Management LLC Trims Stock Position in American Tower Co. (NYSE:AMT)

Thrive Wealth Management LLC trimmed its holdings in American Tower Co. (NYSE:AMT) by 18.8% in the 4th quarter, HoldingsChannel reports. The fund owned 4,355 shares of the real estate investment trust’s stock after selling 1,005 shares during the quarter. Thrive Wealth Management LLC’s holdings in American Tower were worth $799,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Fortitude Family Office LLC grew its holdings in shares of American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in American Tower during the second quarter worth about $27,000. Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the third quarter valued at about $30,000. Hara Capital LLC purchased a new stake in shares of American Tower in the 3rd quarter valued at approximately $31,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of American Tower in the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the company’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 completion of the sale, the chief financial officer now directly 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 legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by corporate insiders.

American Tower Trading Up 0.2 %

Shares of American Tower stock opened at $190.51 on Monday. The stock has a market cap of $89.02 billion, a PE ratio of 80.39, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84. 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 company has a 50-day moving average of $192.86 and a two-hundred day moving average of $211.42. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the company posted $2.58 EPS. On average, research analysts anticipate that American Tower Co. will post 10.15 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a yield of 3.40%. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Analyst Upgrades and Downgrades

AMT has been the subject of a number of research reports. Mizuho dropped their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. The Goldman Sachs Group lowered their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. JPMorgan Chase & Co. upped their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.67.

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.