Somerset Trust Co Raises Stock Position in American Tower Co. (NYSE:AMT)

Somerset Trust Co grew its holdings in shares of American Tower Co. (NYSE:AMT) by 5.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,326 shares of the real estate investment trust’s stock after buying an additional 285 shares during the quarter. Somerset Trust Co’s holdings in American Tower were worth $977,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. FMR LLC increased its position in shares of American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust’s stock valued at $2,474,934,000 after purchasing an additional 2,152,646 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after buying an additional 1,885,421 shares during the period. Adelante Capital Management LLC increased its position in American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust’s stock valued at $279,890,000 after acquiring an additional 1,160,890 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in shares of American Tower by 23,224.1% in the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after acquiring an additional 993,061 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in shares of American Tower by 22,242.7% in the 3rd quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock worth $1,811,330,000 after acquiring an additional 775,379 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.2 %

NYSE:AMT opened at $190.51 on Friday. The firm has a 50-day simple moving average of $193.09 and a 200-day simple moving average of $211.32. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The firm has a market cap of $89.02 billion, a P/E ratio of 80.39, a P/E/G ratio of 1.16 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business’s quarterly revenue was down 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.58 EPS. Equities analysts anticipate that American Tower Co. will post 10.15 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s payout ratio is currently 273.42%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AMT shares. BMO Capital Markets reduced their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Mizuho decreased their price target on American Tower from $221.00 to $204.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group cut their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Barclays decreased their target price on American Tower from $251.00 to $215.00 and set an “overweight” rating for the company in a research report on Monday, January 13th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $230.67.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 16,567 shares of American Tower stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $181.10, for a total value of $3,000,283.70. Following the transaction, the chief financial officer now directly owns 62,792 shares of the company’s stock, valued at approximately $11,371,631.20. The trade was a 20.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

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.