Kentucky Retirement Systems Insurance Trust Fund Sells 1,233 Shares of American Tower Co. (NYSE:AMT)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in American Tower Co. (NYSE:AMT) by 8.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,829 shares of the real estate investment trust’s stock after selling 1,233 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in American Tower were worth $3,216,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC raised its holdings in 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 bought a new stake in American Tower during the second quarter worth about $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the third quarter worth about $30,000. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter valued at approximately $25,000. Finally, Hara Capital LLC bought a new stake in shares of American Tower in the 3rd quarter worth approximately $31,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 0.9 %

AMT stock opened at $196.45 on Friday. The company has a market cap of $91.80 billion, a price-to-earnings ratio of 82.89, a P/E/G ratio of 1.30 and a beta of 0.84. 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 business’s 50-day moving average is $222.51 and its two-hundred day moving average is $210.59. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56.

American Tower (NYSE:AMT) last issued 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). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the company earned $2.58 EPS. American Tower’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is presently 273.42%.

Analyst Ratings Changes

A number of brokerages have issued reports on AMT. Scotiabank lowered their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. TD Cowen raised their price objective on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Finally, Mizuho boosted their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Company 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.