Israel Discount Bank of New York Reduces Stock Position in American Tower Co. (NYSE:AMT)

Israel Discount Bank of New York lowered its stake in American Tower Co. (NYSE:AMT) by 5.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,758 shares of the real estate investment trust’s stock after selling 147 shares during the quarter. Israel Discount Bank of New York’s holdings in American Tower were worth $595,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AMT. Alera Investment Advisors LLC raised its stake in shares of American Tower by 1.3% during the 4th quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after acquiring an additional 51 shares in the last quarter. First Business Financial Services Inc. increased its stake in American Tower by 1.3% during the 3rd quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock valued at $705,000 after purchasing an additional 55 shares in the last quarter. Northcape Wealth Management LLC increased its stake in American Tower by 0.5% during the 3rd quarter. Northcape Wealth Management LLC now owns 10,521 shares of the real estate investment trust’s stock valued at $1,730,000 after purchasing an additional 56 shares in the last quarter. Augustine Asset Management Inc. increased its stake in American Tower by 0.8% during the 4th quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock valued at $1,531,000 after purchasing an additional 56 shares in the last quarter. Finally, Choreo LLC increased its stake in American Tower by 1.4% during the 4th quarter. Choreo LLC now owns 4,269 shares of the real estate investment trust’s stock valued at $922,000 after purchasing an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Insider Activity at American Tower

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

Analyst Ratings Changes

Several research firms have recently commented on AMT. JPMorgan Chase & Co. dropped their price objective 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. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Morgan Stanley increased their price target on shares of American Tower from $183.00 to $196.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Barclays increased their price target 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. Finally, BMO Capital Markets lowered their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $217.36.

American Tower Trading Up 1.5 %

AMT stock traded up $2.53 during trading on Monday, reaching $174.22. 1,482,410 shares of the stock were exchanged, compared to its average volume of 2,409,506. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.29. The business has a 50 day moving average price of $190.29 and a 200-day moving average price of $194.42. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The firm has a market capitalization of $81.25 billion, a price-to-earnings ratio of 53.99, a P/E/G ratio of 1.36 and a beta of 0.67.

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

American Tower Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is currently 203.77%.

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.