Princeton Capital Management LLC Has $5.11 Million Stake in American Tower Co. (NYSE:AMT)

Princeton Capital Management LLC cut its stake in shares of American Tower Co. (NYSE:AMT) by 6.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 27,871 shares of the real estate investment trust’s stock after selling 1,924 shares during the quarter. American Tower comprises approximately 1.6% of Princeton Capital Management LLC’s investment portfolio, making the stock its 14th largest holding. Princeton Capital Management LLC’s holdings in American Tower were worth $5,112,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AMT. Roxbury Financial LLC acquired a new position in shares of American Tower in the fourth quarter worth approximately $32,000. Legacy Investment Solutions LLC bought a new position in American Tower during the 3rd quarter worth approximately $34,000. Crowley Wealth Management Inc. bought a new position in American Tower during the 4th quarter worth approximately $37,000. Bank of Jackson Hole Trust acquired a new position in shares of American Tower in the 4th quarter worth approximately $46,000. Finally, Versant Capital Management Inc boosted its stake in shares of American Tower by 113.9% in the 4th quarter. Versant Capital Management Inc now owns 261 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 139 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Down 1.6 %

AMT opened at $212.75 on Tuesday. The firm has a market capitalization of $99.45 billion, a PE ratio of 89.77, a P/E/G ratio of 1.29 and a beta of 0.85. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company’s 50-day moving average is $196.71 and its 200 day moving average is $205.10.

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

American Tower Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, April 11th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 annualized dividend and a dividend yield of 3.20%. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio is currently 141.37%.

Wall Street Analyst Weigh In

AMT has been the topic of several recent analyst reports. Barclays boosted their target price on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley dropped their price objective on American Tower from $219.00 to $213.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. JMP Securities initiated coverage on American Tower in a research report on Monday, January 27th. They set an “outperform” rating and a $225.00 target price on the stock. Wells Fargo & Company upgraded American Tower from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $210.00 to $230.00 in a report on Monday, March 17th. Finally, BMO Capital Markets increased their price target on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has an average rating of “Buy” and a consensus target price of $229.43.

Insider Activity at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.

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.