Adirondack Trust Co. Cuts Position in American Tower Co. (NYSE:AMT)

Adirondack Trust Co. trimmed its position in shares of American Tower Co. (NYSE:AMT) by 7.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,582 shares of the real estate investment trust’s stock after selling 198 shares during the period. Adirondack Trust Co.’s holdings in American Tower were worth $600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of AMT. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 1st quarter valued at about $25,000. Fairscale Capital LLC purchased a new position in shares of American Tower in the 2nd quarter worth approximately $27,000. Cultivar Capital Inc. bought a new position in shares of American Tower during the 2nd quarter valued at approximately $25,000. Hobbs Group Advisors LLC bought a new stake in American Tower in the second quarter worth $29,000. Finally, SOA Wealth Advisors LLC. purchased a new position in American Tower during the first quarter worth $30,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $220.78 on Thursday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $103.10 billion, a P/E ratio of 49.95, a P/E/G ratio of 1.02 and a beta of 0.83. The stock has a 50-day moving average of $229.07 and a two-hundred day moving average of $205.01. American Tower Co. has a 1-year low of $157.25 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.52). The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.46 earnings per share. As a group, analysts anticipate that American Tower Co. will post 10.13 EPS for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.94%. American Tower’s dividend payout ratio is currently 146.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. TD Cowen raised their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. The Goldman Sachs Group started coverage on American Tower in a research note on Monday, July 1st. They set a “buy” rating and a $230.00 target price on the stock. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Finally, Wells Fargo & Company lifted their target price on American Tower from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $234.00.

Insider Activity at American Tower

In other news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the completion of the transaction, the chief executive officer now owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares in the company, valued at approximately $12,070,789.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock valued at $7,795,397 over the last ninety days. Insiders own 0.18% of the company’s stock.

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.