Canandaigua National Bank & Trust Co. Boosts Stock Position in American Tower Co. (NYSE:AMT)

Canandaigua National Bank & Trust Co. lifted its position in American Tower Co. (NYSE:AMT) by 4.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 10,508 shares of the real estate investment trust’s stock after buying an additional 410 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in American Tower were worth $2,038,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in American Tower by 1.6% during the 1st quarter. Wellington Management Group LLP now owns 13,452,478 shares of the real estate investment trust’s stock worth $2,748,879,000 after purchasing an additional 213,815 shares during the period. Moneta Group Investment Advisors LLC increased its holdings in American Tower by 101,474.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,474,342 shares of the real estate investment trust’s stock worth $2,219,094,000 after purchasing an additional 10,464,030 shares during the period. Geode Capital Management LLC increased its holdings in American Tower by 1.4% during the 1st quarter. Geode Capital Management LLC now owns 9,733,814 shares of the real estate investment trust’s stock worth $1,985,706,000 after purchasing an additional 131,933 shares during the period. Deutsche Bank AG increased its holdings in American Tower by 4.0% during the 1st quarter. Deutsche Bank AG now owns 7,325,350 shares of the real estate investment trust’s stock worth $1,496,862,000 after purchasing an additional 284,470 shares during the period. Finally, Morgan Stanley increased its holdings in American Tower by 15.4% during the 4th quarter. Morgan Stanley now owns 7,231,486 shares of the real estate investment trust’s stock worth $1,532,063,000 after purchasing an additional 962,800 shares during the period. Hedge funds and other institutional investors own 89.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank of Canada cut their price target on American Tower from $233.00 to $230.00 and set an “outperform” rating on the stock in a report on Tuesday, August 1st. Raymond James dropped their price objective on American Tower from $211.00 to $205.00 and set an “outperform” rating on the stock in a report on Tuesday, August 22nd. StockNews.com began coverage on American Tower in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Barclays dropped their price objective on American Tower from $233.00 to $228.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Finally, Wells Fargo & Company decreased their target price on American Tower from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Tuesday, July 18th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $240.50.

Insiders Place Their Bets

In other American Tower news, CFO Rodney M. Smith sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $178.14, for a total transaction of $1,781,400.00. Following the completion of the sale, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at approximately $9,024,928.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Rodney M. Smith sold 2,727 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $187.17, for a total transaction of $510,412.59. Following the completion of the transaction, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at approximately $9,482,406.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Rodney M. Smith sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $178.14, for a total value of $1,781,400.00. Following the transaction, the chief financial officer now directly owns 50,662 shares of the company’s stock, valued at $9,024,928.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,251 shares of company stock valued at $2,957,531. 0.24% of the stock is owned by company insiders.

American Tower Stock Down 1.3 %

American Tower stock opened at $176.95 on Thursday. American Tower Co. has a twelve month low of $172.55 and a twelve month high of $255.09. The stock has a 50 day moving average of $185.40 and a two-hundred day moving average of $192.24. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.96. The stock has a market capitalization of $82.49 billion, a price-to-earnings ratio of 85.48, a PEG ratio of 1.37 and a beta of 0.58.

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 nearly 226,000 communications sites and a highly interconnected footprint of U.S. data center facilities.