American Tower Co. (NYSE:AMT) Shares Sold by M&T Bank Corp

M&T Bank Corp trimmed its position in American Tower Co. (NYSE:AMT - Free Report) by 7.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 310,110 shares of the real estate investment trust's stock after selling 25,861 shares during the quarter. M&T Bank Corp owned about 0.07% of American Tower worth $72,120,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AMT. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter valued at approximately $25,000. Fortitude Family Office LLC grew its stake in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new position in shares of American Tower during the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new position in shares of American Tower during the 2nd quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the third quarter valued at $30,000. 92.69% of the stock is owned by institutional investors.

American Tower Price Performance

AMT stock traded down $9.46 during mid-day trading on Tuesday, reaching $199.58. 2,653,326 shares of the company's stock were exchanged, compared to its average volume of 2,325,503. The company has a market cap of $93.26 billion, a price-to-earnings ratio of 84.19, a price-to-earnings-growth ratio of 1.38 and a beta of 0.83. The stock's 50 day moving average is $212.85 and its 200 day moving average is $213.27. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to analysts' expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business's revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.58 EPS. On average, research analysts expect that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be issued a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.25%. American Tower's dividend payout ratio is presently 273.42%.

Analysts Set New Price Targets

AMT has been the subject of a number of research reports. Wells Fargo & Company lowered shares of American Tower from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. BMO Capital Markets cut their price target on American Tower from $255.00 to $245.00 and set an "outperform" rating on the stock in a report on Wednesday, October 30th. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Mizuho boosted their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, American Tower presently has an average rating of "Moderate Buy" and a consensus target price of $235.54.

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.