Procyon Advisors LLC Reduces Stake in American Tower Co. (NYSE:AMT)

Procyon Advisors LLC lessened its position in American Tower Co. (NYSE:AMT - Free Report) by 19.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,237 shares of the real estate investment trust's stock after selling 3,203 shares during the period. Procyon Advisors LLC's holdings in American Tower were worth $3,078,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AMT. Northwest Investment Counselors LLC bought a new stake in American Tower during the 1st quarter worth approximately $25,000. Fairscale Capital LLC bought a new stake in shares of American Tower in the second quarter worth $27,000. Cultivar Capital Inc. acquired a new stake in American Tower in the second quarter valued at $25,000. Hobbs Group Advisors LLC bought a new position in American Tower during the 2nd quarter worth $29,000. Finally, SOA Wealth Advisors LLC. acquired a new position in American Tower during the 1st quarter worth about $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now directly owns 51,746 shares of the company's stock, valued at approximately $12,070,789.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other American Tower news, EVP Olivier Puech sold 10,005 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $233.27, for a total value of $2,333,866.35. Following the completion of the sale, the executive vice president now owns 51,746 shares in the company, valued at approximately $12,070,789.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steven O. Vondran sold 21,537 shares of American Tower stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $230.00, for a total transaction of $4,953,510.00. Following the transaction, the chief executive officer now directly owns 61,843 shares in the company, valued at approximately $14,223,890. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,723 shares of company stock worth $7,795,397 over the last 90 days. 0.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AMT has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft raised their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a research note on Thursday, September 12th. Wells Fargo & Company downgraded shares of American Tower from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $245.00 to $230.00 in a research note on Thursday. Finally, Scotiabank increased their price target on American Tower from $223.00 to $248.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.21.

American Tower Stock Up 1.2 %

Shares of NYSE:AMT traded up $2.62 during trading on Monday, reaching $221.89. 1,501,786 shares of the stock were exchanged, compared to its average volume of 2,288,976. The stock has a fifty day moving average of $228.56 and a two-hundred day moving average of $205.51. American Tower Co. has a 1-year low of $157.25 and a 1-year high of $243.56. The company has a debt-to-equity ratio of 3.42, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $103.62 billion, a price-to-earnings ratio of 49.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.83.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $1.92 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.44 by ($0.52). American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the prior year, the business earned $2.46 earnings per share. The firm's quarterly revenue was up 4.7% compared to the same quarter last year. Research analysts anticipate that American Tower Co. will post 10.13 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th will be issued a $1.62 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.92%. American Tower's dividend payout ratio is presently 146.61%.

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.