Axxcess Wealth Management LLC Cuts Holdings in American Tower Co. (NYSE:AMT)

Axxcess Wealth Management LLC trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 10.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,428 shares of the real estate investment trust’s stock after selling 771 shares during the quarter. Axxcess Wealth Management LLC’s holdings in American Tower were worth $1,388,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AMT. Concord Wealth Partners boosted its stake in American Tower by 15.8% during the 3rd quarter. Concord Wealth Partners now owns 3,424 shares of the real estate investment trust’s stock valued at $563,000 after purchasing an additional 466 shares during the last quarter. Lindbrook Capital LLC raised its holdings in American Tower by 5.0% in the 3rd quarter. Lindbrook Capital LLC now owns 2,266 shares of the real estate investment trust’s stock worth $373,000 after purchasing an additional 108 shares during the period. Verdence Capital Advisors LLC raised its holdings in American Tower by 18.4% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,063 shares of the real estate investment trust’s stock worth $339,000 after purchasing an additional 320 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in American Tower by 4.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 248,002 shares of the real estate investment trust’s stock worth $40,784,000 after purchasing an additional 9,704 shares during the period. Finally, BluePath Capital Management LLC bought a new position in American Tower in the 3rd quarter worth $178,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMT has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Scotiabank cut their price objective on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. BMO Capital Markets cut their price objective on American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Mizuho started coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $221.91.

American Tower Stock Up 1.2 %

Shares of NYSE:AMT opened at $181.74 on Monday. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The business has a 50 day simple moving average of $189.15 and a two-hundred day simple moving average of $194.80. The firm has a market capitalization of $84.75 billion, a PE ratio of 41.12, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the firm posted $2.54 EPS. The business’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts predict that American Tower Co. will post 9.96 EPS for the current year.

American Tower Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Friday, April 12th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio is presently 146.61%.

Insider Activity

In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower 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 sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at $12,953,352.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s 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 $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was 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. Insiders own 0.18% of the company’s stock.

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.