Baskin Financial Services Inc. Sells 277 Shares of American Tower Co. (NYSE:AMT)

Baskin Financial Services Inc. lessened its stake in shares of American Tower Co. (NYSE:AMT) by 1.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 24,663 shares of the real estate investment trust’s stock after selling 277 shares during the period. Baskin Financial Services Inc.’s holdings in American Tower were worth $4,523,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AMT. Czech National Bank grew its position in shares of American Tower by 6.9% during the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after buying an additional 6,163 shares in the last quarter. Quent Capital LLC lifted its stake in American Tower by 48.0% in the third quarter. Quent Capital LLC now owns 1,239 shares of the real estate investment trust’s stock worth $287,000 after acquiring an additional 402 shares during the period. Handelsbanken Fonder AB grew its holdings in American Tower by 1.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 200,713 shares of the real estate investment trust’s stock worth $46,678,000 after acquiring an additional 3,418 shares in the last quarter. GAMMA Investing LLC increased its position in American Tower by 34.4% during the 3rd quarter. GAMMA Investing LLC now owns 6,871 shares of the real estate investment trust’s stock valued at $1,598,000 after purchasing an additional 1,757 shares during the period. Finally, Diversified Trust Co raised its holdings in shares of American Tower by 66.8% in the 3rd quarter. Diversified Trust Co now owns 4,750 shares of the real estate investment trust’s stock valued at $1,105,000 after purchasing an additional 1,902 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of several research reports. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Scotiabank cut their price target on American Tower from $236.00 to $220.00 and set a “sector outperform” rating on the stock in a report on Thursday, January 23rd. The Goldman Sachs Group decreased their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company reduced their target price on shares of American Tower from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Finally, Mizuho lowered their price target on shares of American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $226.23.

Insider Transactions at American Tower

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now owns 62,792 shares in the company, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.18% of the company’s stock.

American Tower Price Performance

Shares of AMT opened at $184.91 on Monday. The firm has a market capitalization of $86.41 billion, a PE ratio of 78.02, a price-to-earnings-growth ratio of 1.24 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company’s fifty day moving average price is $190.58 and its 200-day moving average price is $210.44. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio is presently 273.42%.

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.