Formidable Asset Management LLC Has $652,000 Position in American Tower Co. (NYSE:AMT)

Formidable Asset Management LLC trimmed its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 47.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,555 shares of the real estate investment trust's stock after selling 3,242 shares during the quarter. Formidable Asset Management LLC's holdings in American Tower were worth $652,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in AMT. Glenview Trust co boosted its holdings in shares of American Tower by 0.8% during the fourth 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 during the period. CreativeOne Wealth LLC grew 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 worth $477,000 after purchasing an additional 54 shares during the last quarter. Precedent Wealth Partners LLC increased its stake in shares of American Tower by 4.7% in the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust's stock valued at $235,000 after purchasing an additional 58 shares during the period. Safe Harbor Fiduciary LLC raised its holdings in shares of American Tower by 1.1% during the fourth quarter. Safe Harbor Fiduciary LLC now owns 5,330 shares of the real estate investment trust's stock valued at $978,000 after buying an additional 58 shares during the last quarter. Finally, Resonant Capital Advisors LLC boosted its position in shares of American Tower by 5.8% during the fourth quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust's stock worth $206,000 after buying an additional 61 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AMT has been the subject of several recent analyst reports. 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 research note on Wednesday, February 26th. Scotiabank increased their price objective on shares of American Tower from $234.00 to $248.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 30th. Wells Fargo & Company raised their price objective on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Hsbc Global Res upgraded American Tower to a "strong-buy" rating in a research report on Thursday, February 27th. Finally, Barclays increased their price target on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $240.25.

American Tower Price Performance

Shares of AMT traded up $0.69 during trading hours on Friday, hitting $214.40. 740,446 shares of the company were exchanged, compared to its average volume of 2,505,870. The company has a market capitalization of $100.37 billion, a PE ratio of 90.45, a PEG ratio of 1.29 and a beta of 0.86. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a fifty day simple moving average of $215.10 and a 200-day simple moving average of $202.05. American Tower Co. has a one year low of $172.51 and a one year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings results 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. 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 last year, the company posted $2.79 EPS. American Tower's revenue for the quarter was down 9.6% on a year-over-year basis. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a $1.70 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.80 annualized dividend and a dividend yield of 3.17%. American Tower's dividend payout ratio (DPR) is presently 174.81%.

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.