Bartlett & CO. Wealth Management LLC Sells 5,214 Shares of American Tower Corporation (NYSE:AMT)

Bartlett & CO. Wealth Management LLC reduced its position in shares of American Tower Corporation (NYSE:AMT) by 1.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 276,627 shares of the real estate investment trust’s stock after selling 5,214 shares during the quarter. Bartlett & CO. Wealth Management LLC’s holdings in American Tower were worth $60,194,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Minot DeBlois Advisors LLC bought a new position in American Tower in the 4th quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of American Tower in the first quarter worth about $31,000. Graney & King LLC purchased a new position in American Tower in the 4th quarter worth about $32,000. Lowe Wealth Advisors LLC lifted its holdings in American Tower by 218.0% during the 1st quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 109 shares in the last quarter. Finally, Crowley Wealth Management Inc. purchased a new stake in American Tower in the 4th quarter valued at about $37,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of American Tower stock opened at $217.64 on Friday. The company has a 50 day moving average price of $215.79 and a 200 day moving average price of $203.72. The firm has a market capitalization of $101.89 billion, a P/E ratio of 55.95, a PEG ratio of 1.63 and a beta of 0.81. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.43. American Tower Corporation has a 52 week low of $172.51 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.79 earnings per share. Sell-side analysts expect that American Tower Corporation will post 10.14 EPS for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is 174.81%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AMT shares. Barclays lifted their price target on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. JMP Securities upped their target price on American Tower from $248.00 to $260.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 30th. Raymond James Financial raised their price target on American Tower from $231.00 to $251.00 and gave the company a “strong-buy” rating in a research note on Wednesday, April 30th. Bank of America assumed coverage on shares of American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective for the company. Finally, Royal Bank Of Canada raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has a consensus rating of “Buy” and an average price target of $240.25.

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.