Amalgamated Bank Sells 2,279 Shares of American Tower Co. (NYSE:AMT)

Amalgamated Bank decreased its position in shares of American Tower Co. (NYSE:AMT) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 98,005 shares of the real estate investment trust’s stock after selling 2,279 shares during the quarter. Amalgamated Bank’s holdings in American Tower were worth $22,792,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of AMT. Norden Group LLC bought a new position in American Tower during the 1st quarter worth approximately $463,000. FORA Capital LLC bought a new position in American Tower in the first quarter valued at approximately $465,000. Larson Financial Group LLC lifted its stake in American Tower by 72.6% in the first quarter. Larson Financial Group LLC now owns 202 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 85 shares in the last quarter. Catalina Capital Group LLC bought a new position in American Tower in the first quarter valued at approximately $276,000. Finally, Richardson Financial Services Inc. raised its holdings in shares of American Tower by 65.2% in the first quarter. Richardson Financial Services Inc. now owns 2,652 shares of the real estate investment trust’s stock valued at $524,000 after purchasing an additional 1,047 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. TD Cowen lifted 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. Mizuho boosted their target price 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. Deutsche Bank Aktiengesellschaft boosted their target price on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Barclays boosted their target price on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Performance

American Tower stock opened at $212.11 on Tuesday. The business has a 50 day moving average of $227.87 and a 200-day moving average of $209.49. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $99.07 billion, a P/E ratio of 89.50, a P/E/G ratio of 1.48 and a beta of 0.84.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.58 EPS. On average, equities research analysts predict 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 was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 273.42%.

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.