CNB Bank Sells 73 Shares of American Tower Co. (NYSE:AMT)

CNB Bank trimmed its holdings in shares of American Tower Co. (NYSE:AMT) by 1.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,917 shares of the real estate investment trust’s stock after selling 73 shares during the period. CNB Bank’s holdings in American Tower were worth $846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. purchased a new stake in shares of American Tower during the third quarter valued at about $27,000. Emerald Advisers LLC purchased a new stake in shares of American Tower during the third quarter valued at about $29,000. Thompson Investment Management Inc. purchased a new position in shares of American Tower in the 4th quarter valued at approximately $29,000. Pinnacle Holdings LLC purchased a new position in shares of American Tower in the 1st quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter valued at approximately $30,000. 92.69% of the stock is currently owned by institutional investors.

Insider Activity at American Tower

In related news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction on 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 sale, the chief financial officer now owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Pamela D. A. Reeve sold 5,054 shares of American Tower stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $190.46, for a total value of $962,584.84. Following the sale, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the sale, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.

American Tower Price Performance

Shares of NYSE AMT opened at $171.30 on Friday. The stock has a market capitalization of $79.89 billion, a price-to-earnings ratio of 53.87, a PEG ratio of 1.35 and a beta of 0.67. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10. The firm’s 50 day simple moving average is $191.91 and its 200-day simple moving average is $193.74. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. American Tower’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.34 EPS. Analysts expect that American Tower Co. will post 9.94 EPS for the current year.

American Tower Cuts Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on AMT shares. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Morgan Stanley increased their price objective on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Mizuho began coverage on shares of American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective for the company. Barclays raised their price target on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus target price of $217.36.

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.