Lee Financial Co Sells 106 Shares of American Tower Co. (NYSE:AMT)

Lee Financial Co reduced its holdings in American Tower Co. (NYSE:AMT) by 1.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,438 shares of the real estate investment trust’s stock after selling 106 shares during the quarter. Lee Financial Co’s holdings in American Tower were worth $1,182,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AMT. Allworth Financial LP raised its holdings in American Tower by 380.2% in the 4th quarter. Allworth Financial LP now owns 34,642 shares of the real estate investment trust’s stock worth $6,419,000 after purchasing an additional 27,428 shares in the last quarter. Palumbo Wealth Management LLC increased its position in shares of American Tower by 2.6% during the fourth quarter. Palumbo Wealth Management LLC now owns 3,812 shares of the real estate investment trust’s stock valued at $699,000 after buying an additional 98 shares during the period. TigerOak Management L.L.C. bought a new position in American Tower in the fourth quarter worth about $1,102,000. Tanglewood Legacy Advisors LLC purchased a new stake in American Tower in the fourth quarter worth about $68,000. Finally, Roxbury Financial LLC purchased a new position in shares of American Tower during the 4th quarter worth approximately $32,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AMT shares. Citizens Jmp upgraded American Tower to a “strong-buy” rating in a research report on Monday, January 27th. BMO Capital Markets lowered their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Scotiabank reduced their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company dropped their price target on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, JMP Securities assumed coverage on shares of American Tower in a report on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price for the company. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $225.79.

American Tower Price Performance

AMT stock opened at $189.41 on Friday. The stock has a market cap of $88.51 billion, a PE ratio of 79.92, a P/E/G ratio of 1.27 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a 50-day moving average price of $186.70 and a 200 day moving average price of $208.89. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.42%. American Tower’s dividend payout ratio is 273.42%.

Insider Buying and Selling

In other news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were 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 in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by corporate 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.