Adirondack Trust Co. Reduces Holdings in American Tower Co. (NYSE:AMT)

Adirondack Trust Co. lowered its stake in shares of American Tower Co. (NYSE:AMT) by 5.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,434 shares of the real estate investment trust’s stock after selling 148 shares during the quarter. Adirondack Trust Co.’s holdings in American Tower were worth $446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of AMT. Balentine LLC purchased a new position in shares of American Tower during the 3rd quarter worth approximately $586,000. Nordea Investment Management AB grew its stake in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares during the period. Point72 Hong Kong Ltd bought a new position in American Tower in the third quarter worth $1,156,000. Czech National Bank lifted its position in American Tower by 6.9% during the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock valued at $22,128,000 after buying an additional 6,163 shares during the period. Finally, Brookstone Capital Management boosted its holdings in shares of American Tower by 29.0% during the 4th quarter. Brookstone Capital Management now owns 8,879 shares of the real estate investment trust’s stock valued at $1,629,000 after buying an additional 1,995 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

American Tower Stock Down 2.5 %

AMT opened at $185.24 on Thursday. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm has a 50 day moving average price of $192.48 and a 200-day moving average price of $211.29. The stock has a market capitalization of $86.56 billion, a price-to-earnings ratio of 78.16, a PEG ratio of 1.27 and a beta of 0.84.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the company earned $2.58 earnings per share. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. Equities research analysts forecast that American Tower Co. will post 10.15 earnings per share for the current year.

American Tower Dividend Announcement

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

Analysts Set New Price Targets

AMT has been the subject of a number of recent research reports. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Scotiabank dropped their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. BMO Capital Markets reduced their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Finally, Barclays lowered their price target on American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.67.

Insider Transactions at American Tower

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of the company’s stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

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.