First Horizon Advisors Inc. Sells 2,700 Shares of American Tower Co. (NYSE:AMT)

First Horizon Advisors Inc. cut its position in shares of American Tower Co. (NYSE:AMT) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,675 shares of the real estate investment trust’s stock after selling 2,700 shares during the period. First Horizon Advisors Inc.’s holdings in American Tower were worth $11,587,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new stake in American Tower during the fourth quarter worth approximately $29,000. McClarren Financial Advisors Inc. bought a new stake in American Tower in the third quarter worth $27,000. Emerald Advisers LLC purchased a new position in American Tower during the third quarter worth $29,000. Valley National Advisers Inc. increased its position in American Tower by 200.0% during the fourth quarter. Valley National Advisers Inc. now owns 177 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 118 shares during the last quarter. Finally, Oakworth Capital Inc. raised its stake 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 valued at $42,000 after acquiring an additional 120 shares during the period. Institutional investors own 92.69% of the company’s stock.

Insider Buying and Selling at American Tower

In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the company’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 completion of the transaction, the director now directly 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 accessible through this hyperlink. In related 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 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction that occurred on 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 directly owns 18,545 shares in the company, valued at $3,532,080.70. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AMT. Raymond James raised shares of American Tower from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $226.00 to $248.00 in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. BMO Capital Markets cut their price target on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Mizuho started coverage on shares of American Tower in a research report on Monday, April 8th. They set a “neutral” rating and a $205.00 target price on the stock. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $221.91.

American Tower Stock Performance

AMT stock traded up $2.12 during midday trading on Friday, reaching $181.76. The stock had a trading volume of 3,130,325 shares, compared to its average volume of 2,469,077. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.69 and a current ratio of 0.85. The firm has a fifty day simple moving average of $189.32 and a two-hundred day simple moving average of $194.30. The stock has a market cap of $84.76 billion, a PE ratio of 41.12, a P/E/G ratio of 1.40 and a beta of 0.71. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the company earned $2.54 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts anticipate that American Tower Co. will post 9.94 EPS for the current year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.57%. The ex-dividend date was Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is 146.61%.

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.