Arrow Financial Corp Reduces Holdings in American Tower Co. (NYSE:AMT)

Arrow Financial Corp cut its holdings in American Tower Co. (NYSE:AMT) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,472 shares of the real estate investment trust’s stock after selling 65 shares during the quarter. Arrow Financial Corp’s holdings in American Tower were worth $575,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Mesirow Financial Investment Management Inc. grew its holdings in American Tower by 2.1% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 27,072 shares of the real estate investment trust’s stock valued at $6,296,000 after buying an additional 568 shares during the last quarter. XML Financial LLC lifted its position in shares of American Tower by 11.1% in the third quarter. XML Financial LLC now owns 1,836 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 184 shares in the last quarter. Atria Investments Inc boosted its stake in shares of American Tower by 9.6% during the third quarter. Atria Investments Inc now owns 44,730 shares of the real estate investment trust’s stock valued at $10,402,000 after acquiring an additional 3,934 shares during the last quarter. Essex Savings Bank increased its position in American Tower by 18.9% during the 3rd quarter. Essex Savings Bank now owns 1,312 shares of the real estate investment trust’s stock worth $305,000 after purchasing an additional 209 shares in the last quarter. Finally, Lindbrook Capital LLC raised its stake in American Tower by 3.1% in the 3rd quarter. Lindbrook Capital LLC now owns 3,936 shares of the real estate investment trust’s stock valued at $915,000 after purchasing an additional 119 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Price Performance

AMT opened at $201.80 on Friday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a 50 day moving average of $226.12 and a two-hundred day moving average of $209.83. The company has a market cap of $94.30 billion, a P/E ratio of 85.15, a P/E/G ratio of 1.34 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS 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 company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the firm posted $2.58 earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. On average, analysts expect that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.21%. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AMT. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. BMO Capital Markets lowered their price objective on 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, TD Cowen increased their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Four investment 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 company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

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.