Canandaigua National Trust Co of Florida Has $929,000 Holdings in American Tower Co. (NYSE:AMT)

Canandaigua National Trust Co of Florida increased its position in American Tower Co. (NYSE:AMT) by 16.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,063 shares of the real estate investment trust’s stock after purchasing an additional 702 shares during the period. Canandaigua National Trust Co of Florida’s holdings in American Tower were worth $929,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMT. Fortitude Family Office LLC lifted its position 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 in the last quarter. Fairscale Capital LLC acquired a new position in American Tower in the 2nd quarter valued at approximately $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter worth approximately $30,000. Hara Capital LLC purchased a new position in shares of American Tower during the 3rd quarter valued at $31,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of American Tower in the third quarter worth $34,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of NYSE:AMT traded down $2.57 during midday trading on Monday, hitting $179.99. The company’s stock had a trading volume of 2,262,420 shares, compared to its average volume of 2,227,620. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market capitalization of $84.11 billion, a price-to-earnings ratio of 75.95, a PEG ratio of 1.31 and a beta of 0.84. The stock’s 50 day simple moving average is $198.67 and its 200 day simple moving average is $212.49.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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 business 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 firm’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.58 earnings per share. As a group, research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, December 27th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Friday, December 27th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AMT shares. The Goldman Sachs Group reduced their price objective on American Tower from $260.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective 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. BMO Capital Markets decreased their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, Mizuho raised their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target 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.