American Tower Co. (NYSE:AMT) Shares Sold by Phocas Financial Corp.

Phocas Financial Corp. cut its stake in American Tower Co. (NYSE:AMT) by 23.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,978 shares of the real estate investment trust’s stock after selling 3,077 shares during the period. Phocas Financial Corp.’s holdings in American Tower were worth $2,154,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Louisiana State Employees Retirement System acquired a new position in shares of American Tower in the 4th quarter valued at about $6,088,000. MV Capital Management Inc. lifted its position in American Tower by 183.0% during the fourth quarter. MV Capital Management Inc. now owns 283 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 183 shares in the last quarter. Aquila Investment Management LLC purchased a new stake in American Tower during the fourth quarter worth approximately $1,295,000. Simplicity Solutions LLC increased its position in shares of American Tower by 23.6% in the fourth quarter. Simplicity Solutions LLC now owns 8,533 shares of the real estate investment trust’s stock worth $1,842,000 after acquiring an additional 1,632 shares in the last quarter. Finally, Graypoint LLC raised its stake in shares of American Tower by 58.5% in the 4th quarter. Graypoint LLC now owns 2,949 shares of the real estate investment trust’s stock valued at $637,000 after acquiring an additional 1,089 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

American Tower stock opened at $179.20 on Monday. 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 stock has a 50 day moving average of $193.88 and a 200-day moving average of $193.57. The stock has a market cap of $83.57 billion, a P/E ratio of 56.35, a price-to-earnings-growth ratio of 1.24 and a beta of 0.67. American Tower Co. has a 52 week low of $154.58 and a 52 week high of $219.10.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($1.16). American Tower had a return on equity of 12.80% and a net margin of 13.31%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the prior year, the business earned $2.34 earnings per share. American Tower’s revenue was up 3.0% on a year-over-year basis. On average, analysts expect that American Tower Co. will post 10.05 EPS for the current fiscal year.

American Tower Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Thursday, April 11th. American Tower’s dividend payout ratio is presently 203.77%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BMO Capital Markets lowered their price target on American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Barclays increased their target price on American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their target price on 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 cut American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Mizuho assumed coverage on shares of American Tower in a research note on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $214.91.

Insider Transactions at American Tower

In related news, Director Pamela D. A. Reeve sold 5,054 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 18,545 shares in the company, valued at $3,532,080.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,532,080.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Rodney M. Smith sold 11,510 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was 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 directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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.