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

CoreFirst Bank & Trust cut its holdings in American Tower Co. (NYSE:AMTFree Report) by 16.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,380 shares of the real estate investment trust’s stock after selling 272 shares during the quarter. CoreFirst Bank & Trust’s holdings in American Tower were worth $298,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in American Tower during the 4th quarter worth approximately $1,051,898,000. Wellington Management Group LLP increased its position in shares of American Tower by 21.9% during the fourth quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares in the last quarter. Edgewood Management LLC raised its stake in American Tower by 46.2% in the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock valued at $1,076,352,000 after purchasing an additional 1,576,683 shares during the last quarter. Jennison Associates LLC lifted its holdings in American Tower by 41.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after purchasing an additional 1,541,029 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in American Tower by 16,195.9% during the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock worth $1,833,560,000 after purchasing an additional 844,128 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Down 2.4 %

Shares of NYSE:AMT traded down $4.75 during mid-day trading on Monday, reaching $192.28. 1,758,741 shares of the company were exchanged, compared to its average volume of 2,447,748. The firm has a market cap of $89.79 billion, a price-to-earnings ratio of 43.50, a P/E/G ratio of 1.40 and a beta of 0.79. The company has a debt-to-equity ratio of 3.39, a current ratio of 0.85 and a quick ratio of 0.85. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The firm’s 50-day simple moving average is $185.24 and its 200 day simple moving average is $195.89.

American Tower (NYSE:AMTGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the firm posted $2.54 earnings per share. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities research analysts forecast that American Tower Co. will post 10.03 EPS for the current year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 14th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Friday, June 14th. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AMT shares. BMO Capital Markets decreased their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Mizuho started coverage on American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Scotiabank dropped their price target on American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a research report on Wednesday, May 1st. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $226.00 to $248.00 in a research report on Wednesday, May 1st. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.91.

Check Out Our Latest Stock Analysis on AMT

Insider Buying and Selling

In related news, EVP Sanjay Goel sold 3,504 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at approximately $5,692,828.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

About American Tower

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Co. (NYSE:AMTFree Report).

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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