abrdn plc Sells 315,699 Shares of American Tower Co. (NYSE:AMT)

abrdn plc cut its position in American Tower Co. (NYSE:AMT - Free Report) by 30.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 729,553 shares of the real estate investment trust's stock after selling 315,699 shares during the period. abrdn plc owned about 0.16% of American Tower worth $157,496,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AMT. McClarren Financial Advisors Inc. acquired a new stake in American Tower in the third quarter worth $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower during the third quarter worth $29,000. Thompson Investment Management Inc. bought a new stake in American Tower in the 4th quarter valued at $29,000. Pinnacle Holdings LLC bought a new stake in American Tower in the 1st quarter valued at $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in American Tower in the 2nd quarter valued at $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AMT shares. Mizuho started coverage on shares of American Tower in a research report on Monday, April 8th. They issued a "neutral" rating and a $205.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of American Tower from $236.00 to $230.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 28th. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a research report on Friday, March 1st. Barclays boosted their price objective on shares of American Tower from $224.00 to $234.00 and gave the company an "overweight" rating in a research report on Tuesday, March 5th. Finally, BMO Capital Markets cut their price target on shares of American Tower from $235.00 to $228.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, American Tower presently has an average rating of "Moderate Buy" and an average target price of $217.36.

Insider Transactions at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company's stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares of the company's stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the completion of the transaction, the chief financial officer now directly owns 62,969 shares of the company's stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by insiders.

American Tower Stock Performance

AMT traded up $0.30 on Friday, reaching $171.30. The company had a trading volume of 2,867,595 shares, compared to its average volume of 2,507,582. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10. The stock has a market cap of $79.89 billion, a P/E ratio of 53.87, a P/E/G ratio of 1.35 and a beta of 0.67. The company's fifty day moving average is $191.91 and its 200 day moving average is $193.74. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the previous year, the company earned $2.34 EPS. The business's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts predict that American Tower Co. will post 9.94 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Thursday, April 11th. American Tower's dividend payout ratio (DPR) is presently 203.77%.

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.