Canandaigua National Bank & Trust Co. Purchases 3,108 Shares of American Tower Co. (NYSE:AMT)

Canandaigua National Bank & Trust Co. raised its holdings in American Tower Co. (NYSE:AMT) by 39.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,033 shares of the real estate investment trust’s stock after acquiring an additional 3,108 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in American Tower were worth $2,180,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Norges Bank bought a new position in shares of American Tower during the fourth quarter worth about $1,051,898,000. Wellington Management Group LLP increased its stake in American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock valued at $3,416,004,000 after buying an additional 2,839,570 shares during the last quarter. Edgewood Management LLC lifted its position in American Tower by 46.2% during the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after buying an additional 1,576,683 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of American Tower by 41.0% during the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock worth $1,144,014,000 after buying an additional 1,541,029 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of American Tower by 16,195.9% in the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock valued at $1,833,560,000 after acquiring an additional 844,128 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Insider Transactions at American Tower

In related news, Director Robert D. Hormats sold 700 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the transaction, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $200.36, for a total value of $702,061.44. Following the sale, the executive vice president now owns 28,413 shares of the company’s stock, valued at $5,692,828.68. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert D. Hormats sold 700 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the sale, the director now directly owns 7,332 shares in the company, valued at $1,345,422. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

AMT has been the subject of a number of analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, February 28th. Scotiabank reduced their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 1st. Raymond James upgraded shares of American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $226.00 to $248.00 in a research note on Wednesday, May 1st. Mizuho started coverage on American Tower in a research report on Monday, April 8th. They issued a “neutral” rating and a $205.00 target price on the stock. Finally, BMO Capital Markets lowered their price objective on shares of American Tower from $228.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $220.91.

American Tower Stock Performance

Shares of American Tower stock traded up $2.68 on Tuesday, hitting $194.96. 991,555 shares of the company’s stock were exchanged, compared to its average volume of 2,435,306. The company has a 50-day simple moving average of $185.24 and a 200-day simple moving average of $195.89. The stock has a market capitalization of $91.04 billion, a PE ratio of 44.16, a PEG ratio of 1.40 and a beta of 0.79. American Tower Co. has a 1 year low of $154.58 and a 1 year high of $219.10. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). American Tower had a net margin of 18.42% and a return on equity of 18.45%. The company had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the company posted $2.54 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, equities analysts anticipate that American Tower Co. will post 10.03 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be paid a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, June 14th. American Tower’s payout ratio is 146.61%.

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.