Norway Savings Bank Sells 367 Shares of American Tower Co. (NYSE:AMT)

Norway Savings Bank lowered its stake in shares of American Tower Co. (NYSE:AMT) by 7.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,589 shares of the real estate investment trust’s stock after selling 367 shares during the quarter. Norway Savings Bank’s holdings in American Tower were worth $842,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Canandaigua National Trust Co of Florida boosted its holdings in American Tower by 16.1% in the fourth quarter. Canandaigua National Trust Co of Florida now owns 5,063 shares of the real estate investment trust’s stock worth $929,000 after purchasing an additional 702 shares during the last quarter. Ables Iannone Moore & Associates Inc. grew its holdings in shares of American Tower by 5.9% in the fourth quarter. Ables Iannone Moore & Associates Inc. now owns 16,749 shares of the real estate investment trust’s stock worth $3,072,000 after acquiring an additional 938 shares during the period. Insight Wealth Strategies LLC increased its position in American Tower by 1.9% during the fourth quarter. Insight Wealth Strategies LLC now owns 11,051 shares of the real estate investment trust’s stock valued at $2,027,000 after acquiring an additional 211 shares during the last quarter. Iowa State Bank lifted its holdings in American Tower by 2.1% in the fourth quarter. Iowa State Bank now owns 15,843 shares of the real estate investment trust’s stock valued at $2,906,000 after acquiring an additional 324 shares during the period. Finally, Nordea Investment Management AB boosted its position in American Tower by 28.5% in the fourth quarter. Nordea Investment Management AB now owns 1,421,095 shares of the real estate investment trust’s stock worth $260,743,000 after purchasing an additional 314,769 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on AMT. Barclays reduced their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a report on Monday, November 18th. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Scotiabank reduced their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $235.08.

American Tower Price Performance

NYSE AMT traded down $2.83 on Tuesday, reaching $177.43. The company had a trading volume of 1,214,150 shares, compared to its average volume of 2,093,494. The stock has a market capitalization of $82.91 billion, a PE ratio of 74.86, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The firm’s 50 day moving average price is $197.83 and its 200 day moving average price is $212.40.

American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the firm posted $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

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.