First County Bank CT Has $260,000 Stock Position in American Tower Co. (NYSE:AMT)

First County Bank CT lessened its position in shares of American Tower Co. (NYSE:AMT) by 6.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,420 shares of the real estate investment trust’s stock after selling 96 shares during the quarter. First County Bank CT’s holdings in American Tower were worth $260,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC lifted its position in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC acquired a new stake in American Tower during the 2nd quarter worth $27,000. Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 3rd quarter valued at $30,000. Hara Capital LLC acquired a new position in shares of American Tower in the 3rd quarter valued at $31,000. Finally, Legacy Investment Solutions LLC bought a new position in shares of American Tower in the 3rd quarter worth $34,000. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Down 1.7 %

AMT opened at $177.26 on Wednesday. The stock has a market capitalization of $82.83 billion, a P/E ratio of 74.79, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The firm’s fifty day simple moving average is $197.12 and its 200 day simple moving average is $212.27.

American Tower (NYSE:AMT) last issued 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 firm had revenue of $2.52 billion during 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%. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.58 earnings per share. As a group, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a dividend of $1.62 per share. The ex-dividend date is Friday, December 27th. This represents a $6.48 annualized dividend and a dividend yield of 3.66%. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AMT shares. The Goldman Sachs Group dropped their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets lowered their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Scotiabank reduced their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $235.08.

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.