Quest Partners LLC Boosts Stake in American Tower Co. (NYSE:AMT)

Quest Partners LLC raised its holdings in shares of American Tower Co. (NYSE:AMT) by 412.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,836 shares of the real estate investment trust’s stock after purchasing an additional 6,308 shares during the quarter. Quest Partners LLC’s holdings in American Tower were worth $1,822,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC grew its holdings in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter valued at $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the third quarter worth $30,000. Cultivar Capital Inc. bought a new stake in shares of American Tower during the second quarter worth $25,000. Finally, Hara Capital LLC purchased a new stake in shares of American Tower during the third quarter valued at $31,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Up 1.2 %

Shares of American Tower stock opened at $198.84 on Tuesday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The firm’s 50 day moving average price is $221.71 and its 200-day moving average price is $211.24. 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 company has a market cap of $92.92 billion, a P/E ratio of 83.90, a PEG ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the company posted $2.58 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.26%. American Tower’s payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AMT shares. BMO Capital Markets reduced their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower 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.