Park National Corp OH Has $10.71 Million Holdings in American Tower Co. (NYSE:AMT)

Park National Corp OH cut its stake in American Tower Co. (NYSE:AMT) by 9.9% in the third quarter, HoldingsChannel reports. The fund owned 46,058 shares of the real estate investment trust’s stock after selling 5,082 shares during the period. Park National Corp OH’s holdings in American Tower were worth $10,711,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in American Tower in the first quarter worth about $25,000. Cultivar Capital Inc. acquired a new position in American Tower in the second quarter valued at approximately $25,000. Fairscale Capital LLC acquired a new stake in American Tower during the 2nd quarter worth $27,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower during the 2nd quarter valued at $29,000. Finally, SOA Wealth Advisors LLC. bought a new position in shares of American Tower in the 1st quarter worth $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other American Tower news, EVP Olivier Puech sold 10,005 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 51,746 shares in the company, valued at $12,070,789.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Robert Joseph Meyer, Jr. sold 2,181 shares of American Tower stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $232.93, for a total transaction of $508,020.33. Following the completion of the sale, the chief accounting officer now owns 31,873 shares of the company’s stock, valued at approximately $7,424,177.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,333,866.35. Following the completion of the transaction, the executive vice president now directly owns 51,746 shares in the company, valued at $12,070,789.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,723 shares of company stock worth $7,795,397. Company insiders own 0.18% of the company’s stock.

American Tower Stock Down 0.1 %

AMT stock opened at $231.94 on Thursday. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $243.56. The company has a market cap of $108.31 billion, a price-to-earnings ratio of 52.48, a P/E/G ratio of 1.05 and a beta of 0.83. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.42. The business has a 50 day moving average price of $228.29 and a two-hundred day moving average price of $204.09.

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

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Wednesday, October 9th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 2.79%. American Tower’s dividend payout ratio (DPR) is currently 146.61%.

Analysts Set New Price Targets

AMT has been the topic of several analyst reports. The Goldman Sachs Group began coverage on American Tower in a research note on Monday, July 1st. They issued a “buy” rating and a $230.00 target price on the stock. JPMorgan Chase & Co. increased their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. TD Cowen boosted their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Scotiabank increased their target price on shares of American Tower from $223.00 to $248.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 31st. Finally, StockNews.com upgraded American Tower from a “hold” rating to a “buy” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.00.

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.