Park Avenue Securities LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

Park Avenue Securities LLC cut its holdings in American Tower Co. (NYSE:AMT) by 2.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 23,250 shares of the real estate investment trust’s stock after selling 465 shares during the period. Park Avenue Securities LLC’s holdings in American Tower were worth $5,407,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in AMT. Canandaigua National Bank & Trust Co. increased its position in shares of American Tower by 2.5% during the third quarter. Canandaigua National Bank & Trust Co. now owns 11,243 shares of the real estate investment trust’s stock valued at $2,615,000 after acquiring an additional 272 shares during the last quarter. Czech National Bank boosted its position in shares of American Tower by 6.9% during the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares during the period. Trust Co. of Toledo NA OH increased its holdings in American Tower by 6.3% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 7,846 shares of the real estate investment trust’s stock valued at $1,825,000 after purchasing an additional 464 shares during the last quarter. Jacobs & Co. CA raised its position in American Tower by 1.1% in the third quarter. Jacobs & Co. CA now owns 23,245 shares of the real estate investment trust’s stock valued at $5,405,000 after purchasing an additional 264 shares during the period. Finally, First Financial Bank Trust Division acquired a new position in American Tower during the third quarter worth $2,299,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AMT has been the subject of a number of research reports. Royal Bank of Canada lifted their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. StockNews.com raised shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. TD Cowen increased their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, BMO Capital Markets raised their price target on shares of American Tower from $246.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

Insider Transactions at American Tower

In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other American Tower news, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total value of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the sale, the executive vice president now directly owns 51,746 shares of the company’s stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,723 shares of company stock worth $7,795,397. Corporate insiders own 0.18% of the company’s stock.

American Tower Stock Down 2.5 %

Shares of NYSE:AMT traded down $5.62 on Friday, hitting $223.66. 1,942,688 shares of the company’s stock were exchanged, compared to its average volume of 2,231,376. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.81 and a current ratio of 0.81. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $243.56. The company has a market capitalization of $104.47 billion, a PE ratio of 50.60, a P/E/G ratio of 1.06 and a beta of 0.83. The firm’s 50-day moving average is $228.88 and its 200 day moving average is $204.46.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts predict that American Tower Co. will post 10.13 EPS for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s payout ratio is 146.61%.

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.