Canandaigua National Bank & Trust Co. Cuts Stock Position in American Tower Co. (NYSE:AMT)

Canandaigua National Bank & Trust Co. decreased its holdings in American Tower Co. (NYSE:AMT) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,008 shares of the real estate investment trust’s stock after selling 235 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in American Tower were worth $2,019,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AMT. Ables Iannone Moore & Associates Inc. grew its stake in shares of American Tower by 5.9% in the fourth quarter. Ables Iannone Moore & Associates Inc. now owns 16,749 shares of the real estate investment trust’s stock worth $3,072,000 after acquiring an additional 938 shares in the last quarter. Insight Wealth Strategies LLC grew its stake in American Tower by 1.9% during the 4th quarter. Insight Wealth Strategies LLC now owns 11,051 shares of the real estate investment trust’s stock worth $2,027,000 after purchasing an additional 211 shares in the last quarter. Iowa State Bank increased its holdings in American Tower by 2.1% during the 4th quarter. Iowa State Bank now owns 15,843 shares of the real estate investment trust’s stock worth $2,906,000 after purchasing an additional 324 shares during the period. Nordea Investment Management AB raised its position in American Tower by 28.5% in the 4th quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock valued at $260,743,000 after purchasing an additional 314,769 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of American Tower by 4.4% during the fourth quarter. GAMMA Investing LLC now owns 7,173 shares of the real estate investment trust’s stock worth $1,316,000 after buying an additional 302 shares in the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on AMT shares. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Barclays lowered their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. The Goldman Sachs Group lowered their price target on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Scotiabank dropped their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. Four 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.08.

American Tower Stock Performance

Shares of American Tower stock traded down $2.57 during trading hours on Monday, hitting $179.99. 2,262,420 shares of the company were exchanged, compared to its average volume of 2,227,620. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market capitalization of $84.11 billion, a price-to-earnings ratio of 75.95, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The business has a 50-day moving average of $198.67 and a 200-day moving average of $212.49.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (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 firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company earned $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

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

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.