DAVENPORT & Co LLC Has $163.01 Million Stock Holdings in American Tower Co. (NYSE:AMT)

DAVENPORT & Co LLC cut its stake in shares of American Tower Co. (NYSE:AMTFree Report) by 6.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 753,380 shares of the real estate investment trust’s stock after selling 55,049 shares during the period. American Tower accounts for about 1.1% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 16th biggest holding. DAVENPORT & Co LLC owned 0.16% of American Tower worth $163,007,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of AMT. Cohen & Steers Inc. lifted its position in shares of American Tower by 44.2% in the second quarter. Cohen & Steers Inc. now owns 9,842,980 shares of the real estate investment trust’s stock valued at $1,908,844,000 after buying an additional 3,016,160 shares during the last quarter. Gateway Investment Advisers LLC lifted its position in shares of American Tower by 57.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 35,751 shares of the real estate investment trust’s stock valued at $7,718,000 after buying an additional 13,074 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of American Tower by 0.5% in the third quarter. Victory Capital Management Inc. now owns 177,288 shares of the real estate investment trust’s stock valued at $29,155,000 after buying an additional 806 shares during the last quarter. PDS Planning Inc lifted its position in shares of American Tower by 16.1% in the third quarter. PDS Planning Inc now owns 1,821 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 253 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC lifted its position in shares of American Tower by 3.8% in the third quarter. Cyndeo Wealth Partners LLC now owns 9,908 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 365 shares during the last quarter. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction 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 transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’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 transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a 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 firm’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 transaction, the chief financial officer now owns 62,969 shares in the company, valued at approximately $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 Price Performance

Shares of AMT traded down $0.83 during midday trading on Tuesday, hitting $192.18. The company’s stock had a trading volume of 2,314,566 shares, compared to its average volume of 2,334,717. American Tower Co. has a one year low of $154.58 and a one year high of $219.10. The company’s fifty day simple moving average is $195.73 and its two-hundred day simple moving average is $192.53. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The stock has a market capitalization of $89.62 billion, a price-to-earnings ratio of 60.43, a price-to-earnings-growth ratio of 1.37 and a beta of 0.67.

American Tower (NYSE:AMTGet Free Report) last issued its quarterly earnings results 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). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the previous year, the business posted $2.34 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.37%. American Tower’s payout ratio is 213.84%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AMT shares. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. HSBC initiated coverage on American Tower in a research note on Thursday, December 14th. They set a “buy” rating and a $245.00 target price on the stock. JPMorgan Chase & Co. lowered their target price 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. 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 note on Wednesday, February 28th. Finally, Barclays increased their target price on American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, American Tower presently has an average rating of “Moderate Buy” and an average price target of $215.90.

Check Out Our Latest Research Report on AMT

About American Tower

(Free Report)

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.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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