American Tower Co. (NYSE:AMT) Shares Sold by Mattern Wealth Management LLC

Mattern Wealth Management LLC cut its stake in shares of American Tower Co. (NYSE:AMT) by 19.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,534 shares of the real estate investment trust’s stock after selling 830 shares during the period. Mattern Wealth Management LLC’s holdings in American Tower were worth $648,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vert Asset Management LLC increased its stake in American Tower by 10.2% in the 4th quarter. Vert Asset Management LLC now owns 102,371 shares of the real estate investment trust’s stock valued at $18,776,000 after buying an additional 9,511 shares during the period. Slow Capital Inc. grew its stake in shares of American Tower by 1.7% during the 4th quarter. Slow Capital Inc. now owns 14,417 shares of the real estate investment trust’s stock worth $2,654,000 after purchasing an additional 239 shares during the period. Cornell Pochily Investment Advisors Inc. increased its holdings in American Tower by 7.1% in the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 4,663 shares of the real estate investment trust’s stock valued at $855,000 after buying an additional 311 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of American Tower by 18.8% in the 4th quarter. Pacer Advisors Inc. now owns 383,917 shares of the real estate investment trust’s stock worth $70,414,000 after acquiring an additional 60,801 shares during the period. Finally, KBC Group NV raised its holdings in American Tower by 6.2% during the fourth quarter. KBC Group NV now owns 495,515 shares of the real estate investment trust’s stock worth $90,882,000 after purchasing an additional 28,743 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AMT. BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. The Goldman Sachs Group reduced their target price on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Mizuho dropped their price target on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research report on Monday. Finally, JMP Securities initiated coverage on American Tower in a research report on Monday. They set an “outperform” rating and a $225.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $226.31.

American Tower Stock Performance

Shares of NYSE AMT opened at $192.01 on Tuesday. The stock has a market capitalization of $89.72 billion, a P/E ratio of 81.01, a P/E/G ratio of 1.24 and a beta of 0.84. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm’s 50-day moving average price is $192.08 and its two-hundred day moving average price is $211.24.

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

American Tower Dividend Announcement

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 issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Friday, December 27th. American Tower’s payout ratio is currently 273.42%.

Insider Buying and Selling

In related news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This 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. 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.