OLD National Bancorp IN Decreases Stake in American Tower Co. (NYSE:AMT)

OLD National Bancorp IN trimmed its holdings in American Tower Co. (NYSE:AMT) by 11.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,711 shares of the real estate investment trust’s stock after selling 980 shares during the period. OLD National Bancorp IN’s holdings in American Tower were worth $1,414,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of AMT. State Street Corp raised its holdings in shares of American Tower by 3.1% during 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 purchasing an additional 635,726 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of American Tower by 1.9% in the third quarter. Geode Capital Management LLC now owns 11,213,613 shares of the real estate investment trust’s stock worth $2,599,074,000 after acquiring an additional 204,426 shares during the period. FMR LLC increased its position in American Tower by 25.4% during 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 last quarter. Charles Schwab Investment Management Inc. lifted its holdings in American Tower by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock valued at $1,211,397,000 after acquiring an additional 243,061 shares during the period. Finally, Franklin Resources Inc. boosted its position in American Tower by 0.9% in the third quarter. Franklin Resources Inc. now owns 4,422,273 shares of the real estate investment trust’s stock worth $981,455,000 after purchasing an additional 38,436 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 16,567 shares of the firm’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. This trade represents a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. JMP Securities began coverage on shares of American Tower in a research note on Monday, January 27th. They set an “outperform” rating and a $225.00 price target on the stock. Mizuho cut their price objective on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Barclays decreased their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Citizens Jmp raised American Tower to a “strong-buy” rating in a report on Monday, January 27th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $226.23.

American Tower Trading Down 0.5 %

American Tower stock opened at $184.91 on Friday. 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 firm’s 50 day moving average price is $190.97 and its 200-day moving average price is $210.61. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market cap of $86.41 billion, a P/E ratio of 78.02, a PEG ratio of 1.23 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The company 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%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.58 EPS. On average, equities analysts predict that American Tower Co. will post 10.15 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.50%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

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.