Concurrent Investment Advisors LLC Sells 2,347 Shares of American Tower Co. (NYSE:AMT)

Concurrent Investment Advisors LLC trimmed its holdings in American Tower Co. (NYSE:AMT) by 30.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,428 shares of the real estate investment trust’s stock after selling 2,347 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in American Tower were worth $995,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. State Street Corp raised its holdings in shares of American Tower by 3.1% in the third quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after purchasing an additional 635,726 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of American Tower by 1.9% in the third quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock valued at $2,599,074,000 after purchasing an additional 204,426 shares during the last quarter. FMR LLC raised its holdings in shares of American Tower by 25.4% in the third quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of American Tower by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock valued at $1,211,397,000 after purchasing an additional 243,061 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of American Tower by 0.9% in the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock valued at $981,455,000 after purchasing an additional 38,436 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on AMT shares. The Goldman Sachs Group lowered their target price on shares of American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Citizens Jmp upgraded shares of American Tower to a “strong-buy” rating in a report on Monday, January 27th. Barclays decreased their price objective on shares of American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Finally, Mizuho lowered their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $225.79.

Insider Activity

In other news, CFO Rodney M. Smith sold 16,567 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 62,792 shares of the company’s stock, valued at $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.18% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $191.32 on Friday. The company’s 50 day moving average is $185.67 and its 200-day moving average is $207.49. American Tower Co. has a 12-month low of $170.46 and a 12-month 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. The firm has a market cap of $89.40 billion, a P/E ratio of 80.73, a price-to-earnings-growth ratio of 1.29 and a beta of 0.84.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, December 27th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

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.