McCollum Christoferson Group LLC Sells 1,485 Shares of American Tower Corporation (NYSE:AMT)

Key Points

• McCollum Christoferson Group LLC reduced its holdings in American Tower Corporation by 4.7%, selling 1,485 shares and now owning a total of 30,209 shares worth approximately $6.57 million.
• Multiple analysts have recently issued positive ratings on American Tower, with Scotiabank raising the price target to $248.00 and Morgan Stanley setting an "overweight" rating with a target of $250.00.
• American Tower reported an EPS of $2.75 for the last quarter, exceeding estimates and reflecting a net margin of 17.34%, despite a 9.6% decline in revenue compared to the previous year.

McCollum Christoferson Group LLC cut its holdings in American Tower Corporation (NYSE:AMT - Free Report) by 4.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,209 shares of the real estate investment trust's stock after selling 1,485 shares during the period. American Tower makes up approximately 2.0% of McCollum Christoferson Group LLC's portfolio, making the stock its 25th biggest position. McCollum Christoferson Group LLC's holdings in American Tower were worth $6,573,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in American Tower by 113.0% in the fourth quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust's stock valued at $727,000 after buying an additional 2,104 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of American Tower during the 4th quarter valued at $235,000. LPL Financial LLC lifted its position in shares of American Tower by 3.4% during the 4th quarter. LPL Financial LLC now owns 368,499 shares of the real estate investment trust's stock valued at $67,586,000 after acquiring an additional 12,271 shares during the period. Congress Wealth Management LLC DE boosted its stake in American Tower by 7.3% during the fourth quarter. Congress Wealth Management LLC DE now owns 8,726 shares of the real estate investment trust's stock worth $1,601,000 after acquiring an additional 597 shares in the last quarter. Finally, Modern Wealth Management LLC acquired a new stake in American Tower in the fourth quarter worth $918,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Scotiabank increased their price objective on shares of American Tower from $234.00 to $248.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley assumed coverage on American Tower in a research note on Tuesday, April 1st. They set an "overweight" rating and a $250.00 price target on the stock. Bank of America initiated coverage on American Tower in a research note on Monday, May 19th. They issued a "buy" rating and a $255.00 price objective for the company. Barclays boosted their price objective on American Tower from $223.00 to $246.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Wells Fargo & Company increased their target price on American Tower from $230.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $242.31.

American Tower Stock Up 0.5%

AMT opened at $231.30 on Friday. American Tower Corporation has a fifty-two week low of $172.51 and a fifty-two week high of $243.56. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50-day moving average is $218.37 and its 200 day moving average is $208.71. The firm has a market capitalization of $108.28 billion, a P/E ratio of 59.46, a PEG ratio of 1.27 and a beta of 0.82.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The firm had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.79 EPS. Research analysts expect that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 13th were given a $1.70 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.80 annualized dividend and a yield of 2.94%. American Tower's dividend payout ratio is currently 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.

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