Mattern Wealth Management LLC Has $648,000 Stock Holdings in American Tower Co. (NYSE:AMT)

Mattern Wealth Management LLC trimmed its holdings in American Tower Co. (NYSE:AMT) by 19.0% in the 4th quarter, Holdings Channel reports. The fund owned 3,534 shares of the real estate investment trust’s stock after selling 830 shares during the quarter. Mattern Wealth Management LLC’s holdings in American Tower were worth $648,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of AMT. FMR LLC increased its stake in 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 acquiring an additional 2,152,646 shares during the period. Adelante Capital Management LLC raised its holdings in shares of American Tower by 2,723.4% in the 3rd quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after buying an additional 1,160,890 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of American Tower by 23,224.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock worth $231,941,000 after buying an additional 993,061 shares during the period. International Assets Investment Management LLC grew its position in American Tower by 22,242.7% in the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock valued at $1,811,330,000 after acquiring an additional 775,379 shares during the period. Finally, State Street Corp grew its position in 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 acquiring an additional 635,726 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

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 stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the sale, the chief financial officer now directly owns 62,792 shares in the company, valued at $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.18% of the stock is currently owned by insiders.

American Tower Price Performance

Shares of NYSE AMT opened at $192.01 on Tuesday. The firm has a fifty day simple moving average of $192.08 and a 200 day simple moving average of $211.24. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a market capitalization of $89.72 billion, a PE ratio of 81.01, a P/E/G ratio of 1.24 and a beta of 0.84. 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 announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.58 EPS. On average, sell-side analysts forecast that American Tower Co. will post 10.15 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is currently 273.42%.

Analyst Ratings Changes

Several brokerages have weighed in on AMT. BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. JMP Securities began coverage on American Tower in a report on Monday. They set an “outperform” rating and a $225.00 price objective on the stock. The Goldman Sachs Group dropped their target price on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Mizuho lowered their price objective on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $226.31.

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.