American Tower Co. (NYSE:AMT) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. reduced its position in shares of American Tower Co. (NYSE:AMT) by 41.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,242 shares of the real estate investment trust’s stock after selling 875 shares during the period. Penobscot Investment Management Company Inc.’s holdings in American Tower were worth $228,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Adelante Capital Management LLC increased its stake in American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock worth $279,890,000 after acquiring an additional 1,160,890 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of American Tower during the 4th quarter worth $193,246,000. Daiwa Securities Group Inc. increased its position in shares of American Tower by 456.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,124,633 shares of the real estate investment trust’s stock worth $206,269,000 after purchasing an additional 922,701 shares during the last quarter. State Street Corp raised its holdings in American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust’s stock valued at $4,924,091,000 after buying an additional 635,726 shares during the period. Finally, Brookfield Corp ON lifted its position in American Tower by 88.3% in the third quarter. Brookfield Corp ON now owns 710,725 shares of the real estate investment trust’s stock valued at $165,286,000 after buying an additional 333,209 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.2 %

Shares of NYSE:AMT opened at $209.91 on Thursday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company’s 50 day moving average is $197.91 and its two-hundred day moving average is $204.94. The company has a market cap of $98.12 billion, a PE ratio of 88.57, a P/E/G ratio of 1.29 and a beta of 0.85. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, February 25th. The real estate investment trust reported $2.62 EPS for the quarter, beating the consensus estimate of $1.79 by $0.83. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.51 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.29 earnings per share. Equities analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, April 11th will be paid a $1.70 dividend. This is a positive change from American Tower’s previous quarterly dividend of $1.62. This represents a $6.80 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, April 11th. American Tower’s dividend payout ratio is currently 141.37%.

Insiders Place Their Bets

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction 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 directly owns 62,792 shares of the company’s stock, valued at $11,371,631.20. This trade represents a 20.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.18% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on AMT. Wells Fargo & Company upgraded shares of American Tower from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $210.00 to $230.00 in a report on Monday, March 17th. Morgan Stanley lowered their price target on American Tower from $219.00 to $213.00 and set an “equal weight” rating for the company in a research report on Monday, February 24th. Barclays boosted their price objective on American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Hsbc Global Res upgraded American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Finally, Citigroup boosted their price target on shares of American Tower from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Buy” and a consensus price target of $229.43.

American Tower 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.