Patten & Patten Inc. TN Sells 68 Shares of American Tower Corp (NYSE:AMT)

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Patten & Patten Inc. TN trimmed its position in American Tower Corp (NYSE:AMT) by 3.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,805 shares of the real estate investment trust’s stock after selling 68 shares during the period. Patten & Patten Inc. TN’s holdings in American Tower were worth $415,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its stake in shares of American Tower by 16,153.9% in the second quarter. Nuveen Asset Management LLC now owns 3,848,439 shares of the real estate investment trust’s stock worth $786,813,000 after acquiring an additional 3,824,762 shares during the last quarter. Millennium Management LLC increased its stake in shares of American Tower by 110.5% in the third quarter. Millennium Management LLC now owns 281,711 shares of the real estate investment trust’s stock worth $62,294,000 after acquiring an additional 2,953,111 shares during the last quarter. BlackRock Inc. increased its stake in shares of American Tower by 4.0% in the second quarter. BlackRock Inc. now owns 31,549,686 shares of the real estate investment trust’s stock worth $6,450,332,000 after acquiring an additional 1,213,664 shares during the last quarter. Zimmer Partners LP increased its stake in shares of American Tower by 108.9% in the third quarter. Zimmer Partners LP now owns 1,159,600 shares of the real estate investment trust’s stock worth $256,422,000 after acquiring an additional 604,600 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in American Tower by 19.1% during the second quarter. California Public Employees Retirement System now owns 2,061,930 shares of the real estate investment trust’s stock worth $421,562,000 after buying an additional 331,035 shares during the last quarter. Hedge funds and other institutional investors own 91.68% of the company’s stock.

In other news, EVP Olivier Puech sold 313 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $228.56, for a total transaction of $71,539.28. Following the transaction, the executive vice president now directly owns 18,723 shares in the company, valued at approximately $4,279,328.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven O. Vondran sold 1,261 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $229.68, for a total transaction of $289,626.48. Following the completion of the transaction, the executive vice president now owns 28,705 shares in the company, valued at approximately $6,592,964.40. The disclosure for this sale can be found here. Insiders sold a total of 4,574 shares of company stock worth $1,043,846 over the last quarter. Company insiders own 0.75% of the company’s stock.

Several equities analysts have commented on the stock. Cowen increased their target price on shares of American Tower from $238.00 to $260.00 and gave the stock an “in-line” rating in a research report on Friday, November 1st. Morgan Stanley restated a “hold” rating and set a $218.00 price target (up from $216.00) on shares of American Tower in a report on Friday, November 22nd. Goldman Sachs Group upgraded shares of American Tower from a “neutral” rating to a “buy” rating and upped their price target for the company from $204.00 to $270.00 in a report on Monday, January 13th. Finally, KeyCorp upped their price target on shares of American Tower from $242.00 to $254.00 and gave the company an “overweight” rating in a report on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. American Tower has a consensus rating of “Hold” and a consensus target price of $224.36.

AMT traded down $1.07 during trading on Wednesday, hitting $236.38. The company had a trading volume of 1,338,274 shares, compared to its average volume of 1,470,966. The company has a market capitalization of $103.68 billion, a PE ratio of 65.84, a PEG ratio of 1.50 and a beta of 0.40. American Tower Corp has a one year low of $169.83 and a one year high of $242.00. The firm’s 50-day moving average price is $231.22 and its 200 day moving average price is $221.64. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.40.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Friday, December 27th were paid a $1.01 dividend. This is a positive change from American Tower’s previous quarterly dividend of $0.95. This represents a $4.04 annualized dividend and a yield of 1.71%. The ex-dividend date was Thursday, December 26th. American Tower’s payout ratio is presently 50.56%.

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 approximately 171,000 communications sites.

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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