American Tower Co. (NYSE:AMT) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. cut its holdings in American Tower Co. (NYSE:AMT) by 15.3% during the fourth quarter, HoldingsChannel reports. The fund owned 7,117 shares of the real estate investment trust’s stock after selling 1,285 shares during the period. Penobscot Investment Management Company Inc.’s holdings in American Tower were worth $1,536,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Alera Investment Advisors LLC lifted its stake in American Tower by 1.3% during the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after purchasing an additional 51 shares in the last quarter. First Business Financial Services Inc. lifted its stake in American Tower by 1.3% during the third quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock worth $705,000 after purchasing an additional 55 shares in the last quarter. Northcape Wealth Management LLC lifted its stake in American Tower by 0.5% during the third quarter. Northcape Wealth Management LLC now owns 10,521 shares of the real estate investment trust’s stock worth $1,730,000 after purchasing an additional 56 shares in the last quarter. Augustine Asset Management Inc. increased its position in shares of American Tower by 0.8% during the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock worth $1,531,000 after acquiring an additional 56 shares during the period. Finally, Choreo LLC increased its position in shares of American Tower by 1.4% during the fourth quarter. Choreo LLC now owns 4,269 shares of the real estate investment trust’s stock worth $922,000 after acquiring an additional 58 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Pamela D. A. Reeve sold 5,054 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the sale, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Mizuho assumed coverage on American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 28th. BMO Capital Markets cut their price objective on American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday. Finally, StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $221.27.

American Tower Stock Performance

NYSE AMT opened at $171.56 on Wednesday. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a market capitalization of $80.01 billion, a PE ratio of 53.95, a P/E/G ratio of 1.38 and a beta of 0.67. The company has a fifty day moving average of $189.71 and a two-hundred day moving average of $194.53.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the prior year, the company earned $2.34 EPS. The business’s revenue was up 3.0% on a year-over-year basis. As a group, analysts expect that American Tower Co. will post 9.94 earnings per share for the current year.

American Tower Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a $1.62 dividend. The ex-dividend date was Thursday, April 11th. This represents a $6.48 annualized dividend and a yield of 3.78%. American Tower’s dividend payout ratio is presently 203.77%.

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.