Greenleaf Trust Buys 4,634 Shares of American Tower Co. (NYSE:AMT)

Greenleaf Trust increased its holdings in shares of American Tower Co. (NYSE:AMT) by 3.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 157,462 shares of the real estate investment trust’s stock after buying an additional 4,634 shares during the quarter. American Tower accounts for approximately 0.4% of Greenleaf Trust’s holdings, making the stock its 19th largest holding. Greenleaf Trust’s holdings in American Tower were worth $33,993,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Gateway Investment Advisers LLC raised its stake in American Tower by 57.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock worth $7,718,000 after buying an additional 13,074 shares during the period. Victory Capital Management Inc. raised its stake in shares of American Tower by 0.5% in the 3rd quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock valued at $29,155,000 after purchasing an additional 806 shares during the period. PDS Planning Inc raised its stake in shares of American Tower by 16.1% in the 3rd quarter. PDS Planning Inc now owns 1,821 shares of the real estate investment trust’s stock valued at $299,000 after purchasing an additional 253 shares during the period. FAS Wealth Partners Inc. acquired a new stake in shares of American Tower in the 4th quarter valued at about $2,001,000. Finally, DNB Asset Management AS raised its stake in shares of American Tower by 23.0% in the 4th quarter. DNB Asset Management AS now owns 159,805 shares of the real estate investment trust’s stock valued at $34,499,000 after purchasing an additional 29,848 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE:AMT traded up $0.30 on Friday, hitting $171.30. The company’s stock had a trading volume of 2,866,660 shares, compared to its average volume of 2,425,967. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. The stock has a fifty day moving average of $192.37 and a two-hundred day moving average of $193.43. The firm has a market capitalization of $79.89 billion, a P/E ratio of 53.88, a price-to-earnings-growth ratio of 1.36 and a beta of 0.67. American Tower Co. has a one year low of $154.58 and a one year high of $219.10.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a net margin of 13.31% and a return on equity of 12.80%. American Tower’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.34 EPS. Research analysts predict that American Tower Co. will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.78%. American Tower’s dividend payout ratio is 203.77%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Mizuho began coverage on American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price target on the stock. Barclays lifted their target price on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Morgan Stanley lifted their target price on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, BMO Capital Markets lowered their target price on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $217.36.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the sale, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

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.