RB Capital Management LLC Trims Stake in American Tower Co. (NYSE:AMT)

RB Capital Management LLC lowered its position in shares of American Tower Co. (NYSE:AMT) by 9.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,284 shares of the real estate investment trust’s stock after selling 530 shares during the period. RB Capital Management LLC’s holdings in American Tower were worth $969,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Glenview Trust co lifted its position in American Tower by 0.8% in the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock valued at $1,294,000 after acquiring an additional 54 shares in the last quarter. CreativeOne Wealth LLC lifted its position in American Tower by 2.1% in the 4th quarter. CreativeOne Wealth LLC now owns 2,601 shares of the real estate investment trust’s stock valued at $477,000 after acquiring an additional 54 shares in the last quarter. Precedent Wealth Partners LLC lifted its position in American Tower by 4.7% in 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. Safe Harbor Fiduciary LLC lifted its position in American Tower by 1.1% in the 4th quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust’s stock valued at $978,000 after acquiring an additional 58 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted 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 valued at $206,000 after buying an additional 61 shares during the period. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of American Tower stock opened at $213.94 on Thursday. American Tower Co. has a one year low of $172.51 and a one year high of $243.56. The stock’s fifty day moving average is $215.33 and its 200 day moving average is $201.67. The stock has a market cap of $100.15 billion, a P/E ratio of 90.27, a P/E/G ratio of 1.29 and a beta of 0.86. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the prior year, the business posted $2.79 EPS. American Tower’s revenue for the quarter was down 9.6% compared to the same quarter last year. Sell-side analysts anticipate that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 13th will be paid a $1.70 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a yield of 3.18%. American Tower’s payout ratio is presently 174.81%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Raymond James increased their price target on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a report on Wednesday, April 30th. Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Royal Bank of Canada increased their price target on American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. UBS Group increased their price target on American Tower from $245.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Finally, JMP Securities increased their price target on American Tower from $248.00 to $260.00 and gave the company a “market outperform” rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $240.25.

About American Tower

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.