CIBC Private Wealth Group LLC Sells 101,795 Shares of American Tower Co. (NYSE:AMT)

CIBC Private Wealth Group LLC decreased its stake in shares of American Tower Co. (NYSE:AMT) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,676,210 shares of the real estate investment trust’s stock after selling 101,795 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.36% of American Tower worth $300,360,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AMT. Roxbury Financial LLC bought a new stake in shares of American Tower during the fourth quarter valued at approximately $32,000. Graney & King LLC purchased a new position in American Tower during the 4th quarter worth $32,000. Legacy Investment Solutions LLC bought a new stake in American Tower during the 3rd quarter valued at $34,000. Crowley Wealth Management Inc. purchased a new stake in shares of American Tower in the 4th quarter worth $37,000. Finally, Bank of Jackson Hole Trust bought a new position in shares of American Tower during the 4th quarter worth $46,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMT has been the subject of a number of research reports. Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Morgan Stanley lowered their price target on shares of American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a research report on Monday, February 24th. The Goldman Sachs Group cut their price objective on shares of American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company upgraded American Tower from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $210.00 to $230.00 in a report on Monday, March 17th. Finally, Barclays boosted their price target on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $229.43.

American Tower Stock Performance

Shares of American Tower stock opened at $215.52 on Friday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a 50 day moving average price of $198.89 and a 200 day moving average price of $204.58. 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 has a market capitalization of $100.74 billion, a P/E ratio of 90.94, a PEG ratio of 1.29 and a beta of 0.85.

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

American Tower Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.16%. This is a boost from American Tower’s previous quarterly dividend of $1.62. The ex-dividend date is Friday, April 11th. American Tower’s payout ratio is presently 141.37%.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.