Summit Investment Advisors Inc. Sells 278 Shares of American Tower Co. (NYSE:AMT)

Summit Investment Advisors Inc. reduced its stake in shares of American Tower Co. (NYSE:AMT) by 3.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,228 shares of the real estate investment trust’s stock after selling 278 shares during the period. Summit Investment Advisors Inc.’s holdings in American Tower were worth $1,326,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in American Tower during the 4th quarter worth about $1,164,851,000. Raymond James Financial Inc. bought a new position in shares of American Tower during the fourth quarter worth about $193,246,000. Daiwa Securities Group Inc. raised its position in American Tower by 456.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust’s stock valued at $206,269,000 after buying an additional 922,701 shares during the last quarter. Franklin Resources Inc. lifted its stake in American Tower by 16.8% in the 4th quarter. Franklin Resources Inc. now owns 5,164,905 shares of the real estate investment trust’s stock valued at $947,295,000 after acquiring an additional 742,632 shares in the last quarter. Finally, FMR LLC boosted its position in American Tower by 5.0% during the 4th quarter. FMR LLC now owns 11,179,269 shares of the real estate investment trust’s stock worth $2,050,390,000 after acquiring an additional 537,136 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

NYSE:AMT opened at $218.41 on Thursday. The firm’s fifty day moving average price is $207.07 and its two-hundred day moving average price is $202.78. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $102.10 billion, a P/E ratio of 92.16, a P/E/G ratio of 1.29 and a beta of 0.87. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

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

American Tower Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, April 11th will be paid a $1.70 dividend. The ex-dividend date is Friday, April 11th. This is an increase from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a yield of 3.11%. American Tower’s payout ratio is 141.37%.

Analyst Ratings Changes

AMT has been the topic of a number of research reports. Scotiabank cut their price objective on shares of American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a research report on Thursday, January 23rd. BMO Capital Markets increased their price objective on shares of American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Citigroup lifted their target price on American Tower from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Hsbc Global Res raised American Tower to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Morgan Stanley initiated coverage on American Tower in a research report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, American Tower presently has an average rating of “Buy” and a consensus price target of $232.07.

American Tower 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.