Perkins Coie Trust Co Sells 490 Shares of American Tower Co. (NYSE:AMT)

Perkins Coie Trust Co lessened its holdings in American Tower Co. (NYSE:AMT) by 2.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,752 shares of the real estate investment trust’s stock after selling 490 shares during the period. Perkins Coie Trust Co’s holdings in American Tower were worth $4,361,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMT. Northwest Investment Counselors LLC purchased a new stake in American Tower during the first quarter valued at about $25,000. Cultivar Capital Inc. bought a new stake in American Tower during the 2nd quarter valued at approximately $25,000. Fairscale Capital LLC purchased a new position in shares of American Tower during the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new position in American Tower in the 2nd quarter valued at approximately $29,000. Finally, SOA Wealth Advisors LLC. bought a new position in American Tower in the 1st quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

AMT stock traded down $2.22 during trading on Wednesday, reaching $222.06. The company’s stock had a trading volume of 84,923 shares, compared to its average volume of 2,291,327. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The company has a market capitalization of $103.72 billion, a P/E ratio of 50.74, a price-to-earnings-growth ratio of 1.02 and a beta of 0.83. The company’s fifty day moving average is $229.07 and its 200-day moving average is $205.01.

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

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.92%. American Tower’s payout ratio is 146.61%.

Analyst Ratings Changes

AMT has been the topic of several research analyst reports. StockNews.com raised American Tower from a “hold” rating to a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their price target on American Tower from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Mizuho increased their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Royal Bank of Canada increased their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Finally, The Goldman Sachs Group initiated coverage on American Tower in a report on Monday, July 1st. They set a “buy” rating and a $230.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.00.

Insider Activity

In other news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now owns 31,873 shares in the company, valued at $7,424,177.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Steven O. Vondran sold 21,537 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 61,843 shares of the company’s stock, valued at approximately $14,223,890. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the transaction, the chief accounting officer now directly owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,723 shares of company stock worth $7,795,397 over the last 90 days. Corporate insiders own 0.18% of the company’s stock.

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 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.