Grove Bank & Trust Has $319,000 Stock Holdings in American Tower Co. (NYSE:AMT)

Grove Bank & Trust increased its position in shares of American Tower Co. (NYSE:AMT) by 6.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,370 shares of the real estate investment trust’s stock after purchasing an additional 82 shares during the period. Grove Bank & Trust’s holdings in American Tower were worth $319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of AMT. Northwest Investment Counselors LLC bought a new position in shares of American Tower during the first quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in American Tower during the second quarter worth approximately $25,000. Fairscale Capital LLC bought a new position in American Tower during the 2nd quarter worth $27,000. Hobbs Group Advisors LLC acquired a new position in American Tower in the 2nd quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of American Tower during the 1st quarter valued at $30,000. 92.69% of the stock is owned by institutional investors.

Insider Activity at American Tower

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the sale, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other American Tower news, EVP Olivier Puech sold 10,005 shares of American Tower stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $233.27, for a total transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now owns 51,746 shares of the company’s stock, valued at $12,070,789.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven O. Vondran sold 21,537 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the sale, the chief executive officer now directly owns 61,843 shares in the company, valued at $14,223,890. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,723 shares of company stock worth $7,795,397. 0.18% of the stock is owned by corporate insiders.

American Tower Stock Performance

NYSE AMT opened at $221.89 on Tuesday. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a fifty day moving average price of $228.48 and a 200-day moving average price of $205.68. American Tower Co. has a 1 year low of $157.25 and a 1 year high of $243.56. The firm has a market cap of $103.62 billion, a price-to-earnings ratio of 50.20, a PEG ratio of 1.00 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $1.92 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.52). The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.82 billion. American Tower had a return on equity of 23.06% and a net margin of 21.95%. American Tower’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.46 EPS. As a group, equities research analysts predict that American Tower Co. will post 10.13 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analysts Set New Price Targets

A number of research analysts recently commented on AMT shares. Royal Bank of Canada raised their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. StockNews.com upgraded shares of American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. TD Cowen lifted their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Barclays lifted their price target on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and an average price target of $235.21.

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.