Norway Savings Bank Cuts Position in American Tower Corporation (NYSE:AMT)

Norway Savings Bank lowered its holdings in American Tower Corporation (NYSE:AMT) by 24.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,480 shares of the real estate investment trust’s stock after selling 1,109 shares during the period. Norway Savings Bank’s holdings in American Tower were worth $757,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC boosted its holdings in shares of American Tower by 113.0% in the 4th quarter. Brighton Jones LLC now owns 3,966 shares of the real estate investment trust’s stock worth $727,000 after buying an additional 2,104 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of American Tower by 108.0% in the 4th quarter. Venturi Wealth Management LLC now owns 337 shares of the real estate investment trust’s stock worth $62,000 after buying an additional 175 shares during the last quarter. Kestra Investment Management LLC purchased a new position in American Tower in the fourth quarter valued at about $48,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in American Tower in the fourth quarter valued at about $233,000. Finally, Bank of Jackson Hole Trust purchased a new position in American Tower in the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.8%

Shares of AMT stock opened at $217.23 on Friday. The company has a debt-to-equity ratio of 3.43, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Corporation has a 52-week low of $172.51 and a 52-week high of $243.56. The company has a market capitalization of $101.70 billion, a PE ratio of 55.84, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81. The business’s fifty day moving average is $215.65 and its 200 day moving average is $203.37.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.34. American Tower had a return on equity of 30.20% and a net margin of 17.34%. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the firm posted $2.79 EPS. The company’s revenue was down 9.6% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, June 13th. American Tower’s dividend payout ratio is currently 174.81%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Bank of America assumed coverage on American Tower in a research note on Monday, May 19th. They issued a “buy” rating and a $255.00 price objective on the stock. Royal Bank Of Canada upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Wells Fargo & Company upped their price target on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Morgan Stanley initiated coverage on shares of American Tower in a research note on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price target on the stock. Finally, Hsbc Global Res upgraded shares of American Tower to a “strong-buy” rating in a research note on Thursday, February 27th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, American Tower has a consensus rating of “Buy” and a consensus price target of $240.25.

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.