Sumitomo Mitsui Trust Holdings Inc. Trims Position in American Tower Co. (NYSE:AMT)

Sumitomo Mitsui Trust Holdings Inc. cut its position in American Tower Co. (NYSE:AMT) by 8.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,241,054 shares of the real estate investment trust’s stock after selling 119,350 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.27% of American Tower worth $267,919,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Pinnacle Holdings LLC purchased a new position in American Tower during the first quarter valued at $29,000. Eagle Bay Advisors LLC purchased a new position in American Tower during the second quarter valued at $30,000. VitalStone Financial LLC purchased a new position in American Tower during the first quarter valued at $38,000. Thompson Investment Management Inc. purchased a new position in American Tower during the fourth quarter valued at $29,000. Finally, McClarren Financial Advisors Inc. purchased a new position in American Tower during the third quarter valued at $27,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.3 %

Shares of AMT opened at $179.20 on Monday. American Tower Co. has a 1-year low of $154.58 and a 1-year high of $219.10. The company has a 50-day moving average of $193.88 and a 200 day moving average of $193.57. The firm has a market capitalization of $83.57 billion, a price-to-earnings ratio of 56.35, a PEG ratio of 1.24 and a beta of 0.67. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69.

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 analysts’ consensus estimates of $2.10 by ($1.16). American Tower had a net margin of 13.31% and a return on equity of 12.80%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the previous year, the business earned $2.34 EPS. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. On average, research analysts expect that American Tower Co. will post 10.05 EPS for the current year.

American Tower Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be issued a $1.62 dividend. The ex-dividend date is Thursday, April 11th. This represents a $6.48 annualized dividend and a dividend yield of 3.62%. American Tower’s dividend payout ratio is currently 203.77%.

Insider Transactions at American Tower

In other news, CFO Rodney M. Smith sold 11,510 shares of American Tower stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total value of $2,367,722.10. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. In other American Tower news, Director Pamela D. A. Reeve sold 5,054 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 18,545 shares of the company’s stock, valued at approximately $3,532,080.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the business’s stock in a transaction that occurred on 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 sale, 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.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent research reports. Mizuho initiated coverage on shares of American Tower in a research note on Monday, April 8th. They issued a “neutral” rating and a $205.00 price objective for the company. Barclays lifted their price objective on shares of American Tower from $224.00 to $234.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. lowered their target price on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, February 28th. BMO Capital Markets lowered their target price on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and a consensus price target of $214.91.

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.