OLD National Bancorp IN Lowers Position in American Tower Co. (NYSE:AMT)

OLD National Bancorp IN trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 11.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,711 shares of the real estate investment trust’s stock after selling 980 shares during the quarter. OLD National Bancorp IN’s holdings in American Tower were worth $1,414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FMR LLC raised its position in shares of American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after buying an additional 2,152,646 shares in the last quarter. Adelante Capital Management LLC raised its position in American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after purchasing an additional 1,160,890 shares in the last quarter. Pathway Financial Advisers LLC lifted its stake in American Tower by 23,224.1% during the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock worth $231,941,000 after purchasing an additional 993,061 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of American Tower by 22,242.7% in the 3rd quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock worth $1,811,330,000 after purchasing an additional 775,379 shares in the last quarter. Finally, State Street Corp increased its position in shares of American Tower by 3.1% during the 3rd 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. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Transactions at American Tower

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

American Tower Price Performance

AMT opened at $184.91 on Friday. The stock’s 50 day moving average price is $190.97 and its 200-day moving average price is $210.61. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The stock has a market capitalization of $86.41 billion, a PE ratio of 78.02, a price-to-earnings-growth ratio of 1.23 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the company posted $2.58 earnings per share. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, equities research analysts predict that American Tower Co. will post 10.15 EPS for the current year.

American Tower Announces Dividend

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

Analyst Upgrades and Downgrades

AMT has been the subject of a number of recent research reports. JMP Securities began coverage on American Tower in a research report on Monday, January 27th. They issued an “outperform” rating and a $225.00 target price for the company. 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. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Citizens Jmp raised American Tower to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Barclays lowered their target price on American Tower from $215.00 to $214.00 and set an “overweight” rating for the company in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and an average target price of $226.23.

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.