Canandaigua National Bank & Trust Co. Buys Shares of 11,762 American Tower Corporation $AMT

Canandaigua National Bank & Trust Co. purchased a new stake in shares of American Tower Corporation (NYSE:AMT) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,762 shares of the real estate investment trust’s stock, valued at approximately $1,924,000.

A number of other large investors also recently modified their holdings of AMT. Richards Merrill & Peterson Inc. bought a new stake in American Tower during the fourth quarter valued at $25,000. Oakworth Capital Inc. boosted its position in shares of American Tower by 90.7% during the 4th quarter. Oakworth Capital Inc. now owns 143 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 68 shares during the last quarter. Swiss RE Ltd. purchased a new position in shares of American Tower during the fourth quarter worth about $25,000. Triumph Capital Management purchased a new stake in American Tower in the third quarter valued at approximately $29,000. Finally, Acumen Wealth Advisors LLC bought a new stake in American Tower during the fourth quarter valued at approximately $29,000. 92.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AMT shares. Sanford C. Bernstein reissued an “outperform” rating and issued a $214.00 price target on shares of American Tower in a report on Wednesday, July 29th. TD Cowen upped their target price on shares of American Tower from $225.00 to $227.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Barclays lowered their price target on American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. BMO Capital Markets increased their price objective on American Tower from $190.00 to $195.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Finally, Wolfe Research upgraded American Tower from a “peer perform” rating to an “outperform” rating and set a $188.00 target price for the company in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $215.19.

Insider Activity

In other American Tower news, EVP Ruth T. Dowling sold 1,106 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $174.96, for a total transaction of $193,505.76. Following the completion of the sale, the executive vice president directly owned 27,711 shares in the company, valued at approximately $4,848,316.56. This trade represents a 3.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert Joseph Meyer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $178.89, for a total transaction of $894,450.00. Following the sale, the chief financial officer owned 21,428 shares in the company, valued at approximately $3,833,254.92. The trade was a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,791 shares of company stock worth $1,204,091 in the last three months. 0.08% of the stock is currently owned by insiders.

American Tower Stock Down 4.1%

AMT stock opened at $168.10 on Thursday. American Tower Corporation has a fifty-two week low of $160.06 and a fifty-two week high of $214.79. The company has a market capitalization of $78.31 billion, a price-to-earnings ratio of 23.12, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90. The business’s 50 day moving average price is $175.12 and its two-hundred day moving average price is $178.33. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.52 and a current ratio of 0.52.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were issued a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Friday, June 12th. American Tower’s payout ratio is 98.49%.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.