Procyon Advisors LLC Sells 1,713 Shares of American Tower Co. (NYSE:AMT)

Procyon Advisors LLC lowered its position in American Tower Co. (NYSE:AMT) by 12.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,996 shares of the real estate investment trust’s stock after selling 1,713 shares during the period. Procyon Advisors LLC’s holdings in American Tower were worth $2,590,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pinnacle Holdings LLC purchased a new position in shares of American Tower in the 1st quarter worth about $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of American Tower in the 2nd quarter worth approximately $30,000. VitalStone Financial LLC purchased a new stake in American Tower during the 1st quarter valued at $38,000. Thompson Investment Management Inc. purchased a new stake in American Tower during the 4th quarter valued at $29,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in American Tower during the 3rd quarter valued at $27,000. Institutional investors own 92.69% of the company’s stock.

Insider Activity

In other American Tower news, CFO Rodney M. Smith sold 11,510 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now directly owns 62,969 shares in the company, valued at approximately $12,953,352.99. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other American Tower 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 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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction on Wednesday, March 6th. The stock was 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 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.

Analyst Ratings Changes

A number of brokerages recently commented on AMT. HSBC initiated coverage on American Tower in a report on Thursday, December 14th. They issued a “buy” rating and a $245.00 target price on the stock. BMO Capital Markets decreased their price target on shares of American Tower from $235.00 to $228.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th. Barclays boosted 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. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of American Tower from $236.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.55.

American Tower Trading Up 1.3 %

NYSE:AMT traded up $2.53 during trading hours on Wednesday, reaching $196.63. 576,284 shares of the company were exchanged, compared to its average volume of 2,307,616. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $91.70 billion, a price-to-earnings ratio of 61.04, a PEG ratio of 1.35 and a beta of 0.68. American Tower Co. has a 52-week low of $154.58 and a 52-week high of $219.10. The stock has a 50 day simple moving average of $196.64 and a 200 day simple moving average of $191.96.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, February 27th. The real estate investment trust reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($1.16). The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.74 billion. American Tower had a return on equity of 12.80% and a net margin of 13.31%. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 earnings per share. As a group, analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Thursday, April 11th. American Tower’s dividend payout ratio (DPR) is presently 213.84%.

American Tower 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.