Pettyjohn Wood & White Inc. Has $1.14 Million Position in American Tower Co. (NYSE:AMT)

Pettyjohn Wood & White Inc. decreased its stake in shares of American Tower Co. (NYSE:AMT) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,217 shares of the real estate investment trust’s stock after selling 106 shares during the quarter. Pettyjohn Wood & White Inc.’s holdings in American Tower were worth $1,140,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares during the period. Adelante Capital Management LLC lifted its holdings in American Tower by 2,723.4% during the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after purchasing an additional 1,160,890 shares during the last quarter. State Street Corp lifted its position in shares of American Tower by 3.1% during the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after acquiring an additional 635,726 shares during the period. KBC Group NV increased its stake in shares of American Tower by 270.4% in the 3rd quarter. KBC Group NV now owns 466,772 shares of the real estate investment trust’s stock valued at $108,553,000 after purchasing an additional 340,742 shares during the last quarter. Finally, Brookfield Corp ON grew its position in American Tower by 88.3% during the 3rd quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust’s stock worth $165,286,000 after acquiring an additional 333,209 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of NYSE:AMT opened at $204.12 on Friday. 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 company has a 50-day moving average price of $186.66 and a 200 day moving average price of $206.94. The company has a market cap of $95.38 billion, a P/E ratio of 86.13, a PEG ratio of 1.29 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 earnings per share. Research analysts predict that American Tower Co. will post 10.14 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, December 27th were paid a dividend of $1.62 per share. The ex-dividend date was Friday, December 27th. This represents a $6.48 annualized dividend and a yield of 3.17%. American Tower’s dividend payout ratio is currently 273.42%.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of several research analyst reports. Barclays cut their target price on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. BMO Capital Markets lifted their target price on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup reduced their price target on American Tower from $255.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. JMP Securities began coverage on American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 price objective on the stock. Finally, Citizens Jmp raised shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $225.21.

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.