Procyon Advisors LLC Sells 2,160 Shares of American Tower Co. (NYSE:AMT)

Procyon Advisors LLC decreased its position in American Tower Co. (NYSE:AMT - Free Report) by 16.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,077 shares of the real estate investment trust's stock after selling 2,160 shares during the period. Procyon Advisors LLC's holdings in American Tower were worth $2,032,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new position in American Tower in the 2nd quarter worth about $27,000. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 3rd quarter valued at about $30,000. Hara Capital LLC purchased a new stake in shares of American Tower during the 3rd quarter valued at about $31,000. Finally, Legacy Investment Solutions LLC bought a new stake in shares of American Tower in the third quarter worth approximately $34,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AMT shares. Barclays lowered their price objective on shares of American Tower from $251.00 to $215.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. The Goldman Sachs Group dropped their price target on American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company cut American Tower from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. StockNews.com cut American Tower from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Finally, BMO Capital Markets lowered their price objective on shares of American Tower from $255.00 to $245.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $230.67.

Insider Activity

In related news, CFO Rodney M. Smith sold 16,567 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $181.10, for a total transaction of $3,000,283.70. Following the completion of the transaction, the chief financial officer now directly owns 62,792 shares of the company's stock, valued at approximately $11,371,631.20. This represents a 20.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.18% of the company's stock.

American Tower Price Performance

Shares of NYSE AMT traded up $0.44 during midday trading on Friday, reaching $190.51. The stock had a trading volume of 2,882,489 shares, compared to its average volume of 2,167,840. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The stock has a 50-day moving average of $192.86 and a 200-day moving average of $211.29. The company has a market capitalization of $89.02 billion, a price-to-earnings ratio of 80.39, a price-to-earnings-growth ratio of 1.16 and a beta of 0.84.

American Tower (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts' consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower's revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.58 earnings per share. As a group, research analysts anticipate that American Tower Co. will post 10.15 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Friday, December 27th. American Tower's dividend payout ratio (DPR) is currently 273.42%.

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.