Huntington National Bank cut its position in shares of American Tower Corp (NYSE:AMT) by 0.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,966 shares of the real estate investment trust’s stock after selling 310 shares during the quarter. Huntington National Bank’s holdings in American Tower were worth $10,438,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Advisors Inc. boosted its position in shares of American Tower by 4.7% in the fourth quarter. Cornerstone Advisors Inc. now owns 1,413 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 64 shares during the last quarter. Legacy Financial Advisors Inc. boosted its position in shares of American Tower by 20.4% in the fourth quarter. Legacy Financial Advisors Inc. now owns 396 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 67 shares during the last quarter. Waldron Private Wealth LLC boosted its position in shares of American Tower by 3.0% in the third quarter. Waldron Private Wealth LLC now owns 2,410 shares of the real estate investment trust’s stock worth $350,000 after acquiring an additional 70 shares during the last quarter. CAPROCK Group Inc. boosted its position in shares of American Tower by 2.6% in the fourth quarter. CAPROCK Group Inc. now owns 2,769 shares of the real estate investment trust’s stock worth $440,000 after acquiring an additional 70 shares during the last quarter. Finally, Atwood & Palmer Inc. boosted its position in shares of American Tower by 17.5% in the fourth quarter. Atwood & Palmer Inc. now owns 470 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 70 shares during the last quarter. Institutional investors and hedge funds own 94.75% of the company’s stock.

Several equities research analysts recently issued reports on the stock. Bank of America raised their target price on shares of American Tower from $172.00 to $208.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Morgan Stanley lifted their price target on shares of American Tower from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Monday, March 11th. Oppenheimer cut shares of American Tower from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 28th. KeyCorp lifted their price target on shares of American Tower from $180.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, February 28th. They noted that the move was a valuation call. Finally, Edward Jones cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, March 13th. Eleven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $176.88.

In other news, EVP William H. Hess sold 20,000 shares of American Tower stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $186.97, for a total transaction of $3,739,400.00. Following the sale, the executive vice president now owns 92,231 shares in the company, valued at $17,244,430.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas A. Bartlett sold 51,203 shares of American Tower stock in a transaction that occurred on Friday, January 18th. The shares were sold at an average price of $165.00, for a total transaction of $8,448,495.00. Following the sale, the chief financial officer now owns 165,433 shares in the company, valued at approximately $27,296,445. The disclosure for this sale can be found here. Insiders have sold 119,753 shares of company stock worth $21,218,220 in the last quarter. Insiders own 0.87% of the company’s stock.

Shares of AMT stock opened at $196.72 on Wednesday. The company has a market cap of $86.56 billion, a price-to-earnings ratio of 24.62, a price-to-earnings-growth ratio of 1.65 and a beta of 0.68. American Tower Corp has a fifty-two week low of $133.53 and a fifty-two week high of $198.19. The company has a debt-to-equity ratio of 3.12, a quick ratio of 0.68 and a current ratio of 0.68.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Wednesday, February 27th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.25 by ($1.63). The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.03 billion. American Tower had a net margin of 16.62% and a return on equity of 19.86%. The company’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. As a group, equities research analysts anticipate that American Tower Corp will post 7.53 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Thursday, April 11th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Wednesday, April 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from American Tower’s previous quarterly dividend of $0.84. American Tower’s dividend payout ratio (DPR) is currently 42.05%.

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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 170,000 communications sites.

Further Reading: Cost of Equity

Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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