Spire Wealth Management Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Spire Wealth Management lessened its stake in American Tower Co. (NYSE:AMT) by 16.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,494 shares of the real estate investment trust’s stock after selling 1,324 shares during the quarter. Spire Wealth Management’s holdings in American Tower were worth $1,324,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Verdence Capital Advisors LLC grew its stake in shares of American Tower by 18.4% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,063 shares of the real estate investment trust’s stock valued at $339,000 after buying an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in American Tower by 2.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 143,516 shares of the real estate investment trust’s stock valued at $23,601,000 after acquiring an additional 3,425 shares during the last quarter. Park Avenue Securities LLC grew its position in American Tower by 4.6% in the third quarter. Park Avenue Securities LLC now owns 23,761 shares of the real estate investment trust’s stock worth $3,908,000 after acquiring an additional 1,047 shares during the period. Keel Point LLC increased its stake in American Tower by 10.6% during the third quarter. Keel Point LLC now owns 1,451 shares of the real estate investment trust’s stock worth $239,000 after acquiring an additional 139 shares during the last quarter. Finally, Graypoint LLC raised its position in American Tower by 41.7% in the third quarter. Graypoint LLC now owns 1,860 shares of the real estate investment trust’s stock valued at $306,000 after purchasing an additional 547 shares during the period. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 11,510 shares of the business’s 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 owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated 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 directly owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The disclosure for this sale can be found here. Insiders have sold 17,264 shares of company stock valued at $3,458,757 over the last quarter. 0.18% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. JPMorgan Chase & Co. dropped their price target on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Scotiabank decreased their price objective on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Barclays lifted their target price on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Finally, Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price target for the company. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.91.

American Tower Trading Down 0.0 %

AMT opened at $181.22 on Wednesday. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $84.51 billion, a price-to-earnings ratio of 41.03, a PEG ratio of 1.43 and a beta of 0.71. The business has a fifty day moving average price of $188.86 and a 200 day moving average price of $195.09. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. Sell-side analysts expect that American Tower Co. will post 9.96 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were paid a dividend of $1.62 per share. The ex-dividend date was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.58%. American Tower’s payout ratio is currently 146.61%.

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.