CCM Investment Advisers LLC Sells 2,845 Shares of American Tower Co. (NYSE:AMT)

CCM Investment Advisers LLC cut its holdings in American Tower Co. (NYSE:AMT - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,640 shares of the real estate investment trust's stock after selling 2,845 shares during the period. CCM Investment Advisers LLC's holdings in American Tower were worth $1,010,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Minot DeBlois Advisors LLC bought a new position in American Tower in the 4th quarter valued at $29,000. Roxbury Financial LLC purchased a new position in shares of American Tower in the 4th quarter worth about $32,000. Graney & King LLC bought a new position in American Tower during the fourth quarter valued at about $32,000. Lowe Wealth Advisors LLC increased its holdings in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after buying an additional 109 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in American Tower in the fourth quarter valued at about $37,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMT. UBS Group increased their target price on shares of American Tower from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Hsbc Global Res raised American Tower to a "strong-buy" rating in a report on Thursday, February 27th. Barclays boosted their target price on American Tower from $214.00 to $223.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Wells Fargo & Company increased their price target on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 30th. Finally, Morgan Stanley initiated coverage on American Tower in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $240.25.

American Tower Price Performance

Shares of American Tower stock traded down $2.94 on Friday, reaching $214.76. The stock had a trading volume of 2,455,578 shares, compared to its average volume of 2,490,204. The business's 50 day moving average is $214.91 and its two-hundred day moving average is $203.08. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 1 year low of $172.51 and a 1 year high of $243.56. The company has a market cap of $100.54 billion, a P/E ratio of 90.62, a price-to-earnings-growth ratio of 1.29 and a beta of 0.81.

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

American Tower Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Friday, June 13th. American Tower's dividend payout ratio is 174.81%.

American Tower Company 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.