Allspring Global Investments Holdings LLC Sells 100,056 Shares of American Tower Co. (NYSE:AMT)

Allspring Global Investments Holdings LLC cut its position in shares of American Tower Co. (NYSE:AMT) by 27.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 259,319 shares of the real estate investment trust’s stock after selling 100,056 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of American Tower worth $55,982,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of AMT. McClarren Financial Advisors Inc. bought a new position in American Tower in the third quarter valued at approximately $27,000. Emerald Advisers LLC acquired a new stake in shares of American Tower in the third quarter valued at approximately $29,000. Thompson Investment Management Inc. acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC acquired a new stake in shares of American Tower in the first quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of American Tower in the second quarter valued at approximately $30,000. 92.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total value of $962,584.84. Following the transaction, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the sale, the director now owns 18,545 shares in the company, valued at approximately $3,532,080.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the sale, the chief financial officer now owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AMT. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Barclays raised their price objective on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Mizuho initiated coverage on American Tower in a research report on Monday. They issued a “neutral” rating and a $205.00 price objective for the company. HSBC initiated coverage on American Tower in a report on Thursday, December 14th. They set a “buy” rating and a $245.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price target on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $214.91.

American Tower Price Performance

Shares of NYSE AMT opened at $181.96 on Thursday. The stock has a market capitalization of $84.86 billion, a PE ratio of 57.22, a P/E/G ratio of 1.30 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The business has a fifty day moving average price of $194.56 and a two-hundred day moving average price of $193.13. American Tower Co. has a fifty-two week low of $154.58 and a fifty-two week high of $219.10.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the previous year, the business posted $2.34 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.56%. American Tower’s payout ratio is 213.84%.

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.