Norden Group LLC Reduces Stock Holdings in American Tower Co. (NYSE:AMT)

Norden Group LLC reduced its stake in shares of American Tower Co. (NYSE:AMT) by 3.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,016 shares of the real estate investment trust’s stock after selling 156 shares during the quarter. Norden Group LLC’s holdings in American Tower were worth $920,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Rehmann Capital Advisory Group increased its position 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 buying an additional 58 shares during the period. Precedent Wealth Partners LLC boosted its position in American Tower by 4.7% during the 4th 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 in the last quarter. Resonant Capital Advisors LLC grew its holdings in shares of American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock worth $206,000 after acquiring an additional 61 shares during the period. Calamos Wealth Management LLC raised its position in shares of American Tower by 2.9% in the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock worth $398,000 after acquiring an additional 61 shares in the last quarter. Finally, Sunburst Financial Group LLC lifted its stake in shares of American Tower by 4.9% in the 4th quarter. Sunburst Financial Group LLC now owns 1,354 shares of the real estate investment trust’s stock valued at $248,000 after purchasing an additional 63 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on 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 transaction, the chief financial officer now directly owns 62,792 shares in the company, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of AMT opened at $205.61 on Monday. The firm has a market capitalization of $96.08 billion, a P/E ratio of 86.76, a PEG ratio of 1.29 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick 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 has a fifty day moving average of $187.09 and a 200 day moving average of $206.58.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the previous year, the company posted $2.29 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that American Tower Co. will post 10.14 EPS for the current year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, December 27th. American Tower’s dividend payout ratio is presently 134.72%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AMT. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a report on Monday, January 27th. Citigroup decreased their price target on shares of American Tower from $255.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, February 14th. Wells Fargo & Company lowered 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 report on Thursday, January 23rd. Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a report on Thursday, January 23rd. Finally, Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $225.21.

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.