American Tower Co. (NYSE:AMT) Shares Sold by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. trimmed its stake in shares of American Tower Co. (NYSE:AMT) by 2.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 11,008 shares of the real estate investment trust’s stock after selling 235 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in American Tower were worth $2,019,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Private Advisor Group LLC raised its stake in shares of American Tower by 6.9% during the 2nd quarter. Private Advisor Group LLC now owns 88,731 shares of the real estate investment trust’s stock worth $17,230,000 after buying an additional 5,710 shares during the last quarter. Candriam S.C.A. raised its position in American Tower by 22.9% during the second quarter. Candriam S.C.A. now owns 43,912 shares of the real estate investment trust’s stock worth $8,535,000 after acquiring an additional 8,186 shares during the last quarter. Norden Group LLC lifted its holdings in shares of American Tower by 24.4% in the second quarter. Norden Group LLC now owns 2,916 shares of the real estate investment trust’s stock valued at $567,000 after purchasing an additional 572 shares in the last quarter. Cross Staff Investments Inc grew its position in shares of American Tower by 17.7% in the second quarter. Cross Staff Investments Inc now owns 5,643 shares of the real estate investment trust’s stock valued at $1,097,000 after purchasing an additional 850 shares during the last quarter. Finally, Asset Dedication LLC increased its stake in shares of American Tower by 23.6% during the 2nd quarter. Asset Dedication LLC now owns 964 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 184 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Down 1.4 %

AMT stock traded down $2.57 during midday trading on Monday, reaching $179.99. 2,262,420 shares of the company’s stock traded hands, compared to its average volume of 2,227,620. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The business has a 50-day moving average price of $198.67 and a two-hundred day moving average price of $212.49. The company has a market capitalization of $84.11 billion, a P/E ratio of 75.95, a PEG ratio of 1.31 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last announced its quarterly 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). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period last year, the company posted $2.58 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. Equities research analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.60%. American Tower’s payout ratio is currently 273.42%.

Analyst Ratings Changes

AMT has been the topic of a number of analyst reports. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. BMO Capital Markets reduced their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Scotiabank cut their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target of $235.08.

American Tower Company 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.