American Tower Co. (NYSE:AMT) Shares Sold by First County Bank CT

First County Bank CT reduced its stake in American Tower Co. (NYSE:AMT) by 6.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,417 shares of the real estate investment trust’s stock after selling 105 shares during the period. First County Bank CT’s holdings in American Tower were worth $275,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Meyer Handelman Co. acquired a new stake in shares of American Tower in the first quarter valued at $801,000. TD Asset Management Inc increased its holdings in American Tower by 23.2% in the fourth quarter. TD Asset Management Inc now owns 275,428 shares of the real estate investment trust’s stock valued at $59,459,000 after buying an additional 51,882 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in American Tower by 13.8% in the first quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust’s stock valued at $7,613,000 after buying an additional 4,660 shares during the last quarter. Tidal Investments LLC increased its holdings in American Tower by 27.7% in the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after buying an additional 4,430 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in American Tower by 29.0% in the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after buying an additional 9,275 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of NYSE:AMT opened at $230.32 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market cap of $107.55 billion, a P/E ratio of 52.11, a PEG ratio of 1.08 and a beta of 0.83. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $243.56. The company has a 50-day moving average price of $226.93 and a 200 day moving average price of $203.41.

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 firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.82 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. American Tower’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.46 EPS. Research analysts predict that American Tower Co. will post 10.13 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.81%. American Tower’s payout ratio is 146.61%.

Insider Activity

In other news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now directly owns 31,873 shares in the company, valued at approximately $7,424,177.89. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at $14,223,890. The disclosure for this sale can be found here. In the last three months, insiders sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Scotiabank raised their price objective on American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. BMO Capital Markets raised their price objective on American Tower from $246.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, September 13th. Finally, Royal Bank of Canada raised their price objective on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $234.00.

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.