Union Savings Bank Sells 539 Shares of American Tower Co. (NYSE:AMT)

Union Savings Bank cut its position in shares of American Tower Co. (NYSE:AMT) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,592 shares of the real estate investment trust’s stock after selling 539 shares during the quarter. Union Savings Bank’s holdings in American Tower were worth $991,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in American Tower during the fourth quarter worth $1,051,898,000. Jennison Associates LLC increased its stake in American Tower by 41.0% in the fourth quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock valued at $1,144,014,000 after acquiring an additional 1,541,029 shares during the period. International Assets Investment Management LLC raised its position in American Tower by 16,195.9% in the fourth quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock worth $1,833,560,000 after purchasing an additional 844,128 shares in the last quarter. Wellington Management Group LLP lifted its stake in American Tower by 5.6% during the third quarter. Wellington Management Group LLP now owns 12,984,052 shares of the real estate investment trust’s stock worth $2,135,227,000 after purchasing an additional 691,934 shares during the period. Finally, Clearbridge Investments LLC grew its stake in shares of American Tower by 22.9% in the 3rd quarter. Clearbridge Investments LLC now owns 3,255,988 shares of the real estate investment trust’s stock valued at $535,447,000 after purchasing an additional 607,199 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AMT. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. reduced their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 28th. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $226.00 to $248.00 in a research report on Wednesday, May 1st. BMO Capital Markets cut their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Mizuho initiated coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price for the company. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $221.91.

Insider Buying and Selling at American Tower

In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the completion of the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares in the company, valued at $12,953,352.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $183.50, for a total transaction of $128,450.00. Following the sale, the director now owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. Insiders sold 17,264 shares of company stock valued at $3,458,757 in the last quarter. Company insiders own 0.18% of the company’s stock.

American Tower Stock Performance

AMT stock traded down $2.86 during mid-day trading on Wednesday, hitting $191.27. 1,681,078 shares of the company were exchanged, compared to its average volume of 2,438,143. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The business has a 50 day simple moving average of $185.99 and a 200-day simple moving average of $196.19. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. The stock has a market capitalization of $89.32 billion, a PE ratio of 43.54, a price-to-earnings-growth ratio of 1.62 and a beta of 0.71.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the company earned $2.54 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that American Tower Co. will post 9.96 earnings per share for the current year.

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were paid a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is 146.61%.

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.