Dearborn Partners LLC Sells 154 Shares of American Tower Co. (NYSE:AMT)

Dearborn Partners LLC trimmed its position in American Tower Co. (NYSE:AMT) by 8.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,637 shares of the real estate investment trust’s stock after selling 154 shares during the quarter. Dearborn Partners LLC’s holdings in American Tower were worth $381,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its stake in shares of American Tower by 41.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock worth $1,243,333,000 after buying an additional 1,885,421 shares in the last quarter. Clearbridge Investments LLC grew its position in American Tower by 8.9% in the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after acquiring an additional 302,676 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in American Tower by 16.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after acquiring an additional 464,429 shares during the last quarter. Canada Pension Plan Investment Board raised its position in American Tower by 4.7% during the second quarter. Canada Pension Plan Investment Board now owns 1,536,255 shares of the real estate investment trust’s stock valued at $298,617,000 after purchasing an additional 69,300 shares during the period. Finally, ClearBridge Investments Ltd lifted its stake in shares of American Tower by 6.2% in the 2nd quarter. ClearBridge Investments Ltd now owns 1,442,759 shares of the real estate investment trust’s stock valued at $280,443,000 after purchasing an additional 84,180 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AMT has been the topic of several analyst reports. Royal Bank of Canada boosted their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. TD Cowen upped their price target 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. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Four investment 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 company. According to MarketBeat, American Tower has a consensus rating of “Moderate Buy” and an average price target of $235.85.

American Tower Stock Up 0.9 %

Shares of NYSE:AMT opened at $196.45 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The business’s 50 day moving average is $223.30 and its 200 day moving average is $210.44. The stock has a market cap of $91.80 billion, a P/E ratio of 82.89, a price-to-earnings-growth ratio of 1.30 and a beta of 0.84. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the company posted $2.58 EPS. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.30%. American Tower’s 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.