Park National Corp OH Trims Holdings in American Tower Co. (NYSE:AMT)

Park National Corp OH cut its stake in American Tower Co. (NYSE:AMT) by 1.8% in the first quarter, Holdings Channel reports. The fund owned 47,770 shares of the real estate investment trust’s stock after selling 852 shares during the period. Park National Corp OH’s holdings in American Tower were worth $10,395,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Minot DeBlois Advisors LLC acquired a new position in American Tower in the 4th quarter valued at about $29,000. Graney & King LLC acquired a new position in American Tower in the fourth quarter valued at approximately $32,000. Roxbury Financial LLC acquired a new position in American Tower in the fourth quarter valued at approximately $32,000. Global Wealth Strategies & Associates increased its stake in American Tower by 193.5% during the first quarter. Global Wealth Strategies & Associates now owns 182 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 120 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new stake in American Tower in the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of AMT stock opened at $212.50 on Thursday. The company has a market cap of $99.48 billion, a P/E ratio of 89.66, a PEG ratio of 1.29 and a beta of 0.86. The firm has a fifty day moving average price of $215.09 and a 200 day moving average price of $201.93. 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 $172.51 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the business earned $2.79 EPS. American Tower’s revenue for the quarter was down 9.6% on a year-over-year basis. Sell-side analysts predict that American Tower Co. will post 10.14 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, June 13th. American Tower’s dividend payout ratio (DPR) is 174.81%.

Analyst Ratings Changes

A number of research firms have recently weighed in on AMT. BMO Capital Markets increased their price target on American Tower from $210.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Royal Bank of Canada increased their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Morgan Stanley started coverage on shares of American Tower in a research note on Tuesday, April 1st. They issued an “overweight” rating and a $250.00 price target on the stock. Raymond James increased their price objective on shares of American Tower from $231.00 to $251.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Bank of America assumed coverage on American Tower in a research report on Monday, May 19th. They issued a “buy” rating and a $255.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $240.25.

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.