Plimoth Trust Co. LLC Has $479,000 Position in American Tower Co. (NYSE:AMT)

Plimoth Trust Co. LLC decreased its position in American Tower Co. (NYSE:AMT) by 4.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,424 shares of the real estate investment trust’s stock after selling 120 shares during the quarter. Plimoth Trust Co. LLC’s holdings in American Tower were worth $479,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Northwest Investment Counselors LLC bought a new stake in American Tower during the 1st quarter worth approximately $25,000. Gold Investment Management Ltd. bought a new stake in shares of American Tower during the fourth quarter valued at approximately $28,000. Thompson Investment Management Inc. acquired a new stake in shares of American Tower in the fourth quarter valued at approximately $29,000. Private Wealth Management Group LLC bought a new position in American Tower in the 4th quarter worth approximately $31,000. Finally, SOA Wealth Advisors LLC. bought a new position in American Tower in the first quarter valued at about $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on AMT shares. Barclays cut their target price on shares of American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Scotiabank dropped their target price on shares of 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. BMO Capital Markets reduced their price target on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Raymond James upgraded American Tower from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group initiated coverage on American Tower in a report on Monday. They set a “buy” rating and a $230.00 target price on the stock. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.67.

Insider Buying and Selling at American Tower

In other news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total value of $128,450.00. Following the sale, the director now directly owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other American Tower news, Director Robert D. Hormats sold 700 shares of American Tower stock in a transaction 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 directly owns 7,332 shares of the company’s stock, valued at $1,345,422. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sanjay Goel sold 3,504 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now directly owns 28,413 shares in the company, valued at $5,692,828.68. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $194.79 on Thursday. The company’s fifty day simple moving average is $189.02 and its 200-day simple moving average is $194.69. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.39. The firm has a market cap of $90.96 billion, a PE ratio of 44.07, a P/E/G ratio of 1.37 and a beta of 0.81.

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

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, June 14th. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

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.