Penobscot Investment Management Company Inc. Sells 1,285 Shares of American Tower Co. (NYSE:AMT)

Penobscot Investment Management Company Inc. lowered its position in shares of American Tower Co. (NYSE:AMT) by 15.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,117 shares of the real estate investment trust’s stock after selling 1,285 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in American Tower were worth $1,536,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Thompson Investment Management Inc. purchased a new position in American Tower during the fourth quarter valued at approximately $29,000. McClarren Financial Advisors Inc. purchased a new position in shares of American Tower in the third quarter worth $27,000. Emerald Advisers LLC purchased a new position in shares of American Tower in the third quarter worth $29,000. Valley National Advisers Inc. lifted its holdings in shares of American Tower by 200.0% in the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 118 shares in the last quarter. Finally, Oakworth Capital Inc. lifted its holdings in shares of American Tower by 157.9% in the fourth quarter. Oakworth Capital Inc. now owns 196 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 120 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

American Tower stock opened at $171.56 on Wednesday. The company has a market cap of $80.01 billion, a price-to-earnings ratio of 53.95, a PEG ratio of 1.38 and a beta of 0.67. The firm’s fifty day moving average is $189.71 and its 200 day moving average is $194.53. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last posted its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter last year, the firm earned $2.34 EPS. The company’s revenue was up 3.0% on a year-over-year basis. Sell-side analysts forecast that American Tower Co. will post 9.94 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 12th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is 203.77%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Barclays boosted their target price on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Mizuho initiated coverage on shares of American Tower in a report on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price on the stock. Finally, BMO Capital Markets decreased their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and an average target price of $221.27.

Insider Buying and Selling at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total transaction of $962,584.84. Following the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at $12,953,352.99. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Pamela D. A. Reeve sold 5,054 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $190.46, for a total transaction of $962,584.84. Following the completion of the transaction, the director now owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

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.