Dudley Capital Management LLC Cuts Holdings in American Tower Co. (NYSE:AMT)

Dudley Capital Management LLC cut its holdings in American Tower Co. (NYSE:AMT) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,957 shares of the real estate investment trust’s stock after selling 760 shares during the quarter. Dudley Capital Management LLC’s holdings in American Tower were worth $1,826,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMT. Glenview Trust co grew its stake in shares of American Tower by 0.8% during the 4th quarter. Glenview Trust co now owns 7,056 shares of the real estate investment trust’s stock worth $1,294,000 after purchasing an additional 54 shares during the period. Rehmann Capital Advisory Group grew its position in American Tower by 4.2% during the third quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after buying an additional 58 shares during the period. Precedent Wealth Partners LLC increased its holdings in American Tower by 4.7% in the fourth quarter. Precedent Wealth Partners LLC now owns 1,281 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 58 shares in the last quarter. Resonant Capital Advisors LLC lifted its position in shares of American Tower by 5.8% during the 4th quarter. Resonant Capital Advisors LLC now owns 1,113 shares of the real estate investment trust’s stock valued at $206,000 after acquiring an additional 61 shares during the period. Finally, Calamos Wealth Management LLC boosted its stake in shares of American Tower by 2.9% during the 4th quarter. Calamos Wealth Management LLC now owns 2,172 shares of the real estate investment trust’s stock worth $398,000 after acquiring an additional 61 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AMT. Hsbc Global Res raised American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Barclays lifted their price target on American Tower from $214.00 to $223.00 and gave the stock an “overweight” rating in a research note on Friday. BMO Capital Markets increased their price objective on shares of American Tower from $210.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Scotiabank cut their target price on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a research report on Thursday, January 23rd. Finally, JMP Securities began coverage on shares of American Tower in a research report on Monday, January 27th. They issued an “outperform” rating and a $225.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $229.43.

American Tower Price Performance

Shares of NYSE:AMT opened at $212.75 on Tuesday. The company has a market cap of $99.45 billion, a P/E ratio of 89.77, a P/E/G ratio of 1.29 and a beta of 0.85. The business has a fifty day simple moving average of $196.71 and a 200-day simple moving average of $205.10. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.29 EPS. Equities research analysts forecast that American Tower Co. will post 10.14 EPS for the current year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. This is an increase from American Tower’s previous quarterly dividend of $1.62. American Tower’s dividend payout ratio (DPR) is currently 141.37%.

Insider Buying and Selling at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.

About American Tower

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.