Cullen Frost Bankers Inc. Sells 2,647 Shares of American Tower Co. (NYSE:AMT)

Cullen Frost Bankers Inc. cut its position in American Tower Co. (NYSE:AMT) by 4.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,964 shares of the real estate investment trust’s stock after selling 2,647 shares during the period. Cullen Frost Bankers Inc.’s holdings in American Tower were worth $12,081,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Alera Investment Advisors LLC raised its holdings in American Tower by 1.3% in the fourth quarter. Alera Investment Advisors LLC now owns 4,105 shares of the real estate investment trust’s stock worth $886,000 after buying an additional 51 shares during the last quarter. First Business Financial Services Inc. raised its holdings in shares of American Tower by 1.3% during the third quarter. First Business Financial Services Inc. now owns 4,290 shares of the real estate investment trust’s stock valued at $705,000 after purchasing an additional 55 shares during the last quarter. Northcape Wealth Management LLC raised its holdings in shares of American Tower by 0.5% during the third quarter. Northcape Wealth Management LLC now owns 10,521 shares of the real estate investment trust’s stock valued at $1,730,000 after purchasing an additional 56 shares during the last quarter. Augustine Asset Management Inc. raised its holdings in shares of American Tower by 0.8% during the fourth quarter. Augustine Asset Management Inc. now owns 7,092 shares of the real estate investment trust’s stock valued at $1,531,000 after purchasing an additional 56 shares during the last quarter. Finally, McIlrath & Eck LLC raised its holdings in shares of American Tower by 13.9% during the fourth quarter. McIlrath & Eck LLC now owns 459 shares of the real estate investment trust’s stock valued at $99,000 after purchasing an additional 56 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Robert D. Hormats sold 700 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other American Tower news, Director Robert D. Hormats sold 700 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $183.50, for a total transaction of $128,450.00. Following the completion of the transaction, the director now owns 7,332 shares in the company, valued at $1,345,422. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rodney M. Smith sold 11,510 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $205.71, for a total transaction of $2,367,722.10. Following the transaction, the chief financial officer now owns 62,969 shares of the company’s stock, valued at approximately $12,953,352.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,264 shares of company stock worth $3,458,757. 0.18% of the stock is owned by insiders.

American Tower Price Performance

Shares of AMT traded up $0.05 during mid-day trading on Wednesday, reaching $181.33. The stock had a trading volume of 1,971,396 shares, compared to its average volume of 2,463,047. The firm has a market cap of $84.56 billion, a price-to-earnings ratio of 41.02, a PEG ratio of 1.43 and a beta of 0.71. American Tower Co. has a 12 month low of $154.58 and a 12 month high of $219.10. The business has a fifty day moving average of $188.86 and a 200 day moving average of $195.09. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.85 and a current ratio of 0.85.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.79 billion. American Tower had a return on equity of 18.45% and a net margin of 18.42%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.54 earnings per share. Equities analysts predict that American Tower Co. will post 9.96 EPS for the current year.

American Tower Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 26th. Investors of record on Friday, April 12th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.57%. American Tower’s dividend payout ratio is 146.61%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AMT. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Mizuho began coverage on shares of American Tower in a report on Monday, April 8th. They set a “neutral” rating and a $205.00 price objective for the company. Scotiabank decreased their price objective on shares of American Tower from $243.00 to $223.00 and set a “sector outperform” rating for the company in a report on Wednesday, May 1st. Morgan Stanley upped their target price on shares of American Tower from $183.00 to $196.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, Barclays upped their target price on shares of American Tower from $224.00 to $234.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Three equities research 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $221.91.

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.