American Tower Co. (NYSE:AMT) Stake Decreased by Pitcairn Co.

Pitcairn Co. lowered its stake in American Tower Co. (NYSE:AMT) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,724 shares of the real estate investment trust’s stock after selling 246 shares during the quarter. Pitcairn Co.’s holdings in American Tower were worth $1,099,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Lazard Asset Management LLC boosted its holdings in American Tower by 1,185.8% during the first quarter. Lazard Asset Management LLC now owns 64,533 shares of the real estate investment trust’s stock worth $12,750,000 after buying an additional 59,514 shares in the last quarter. BOKF NA grew its holdings in shares of American Tower by 2.7% in the 1st quarter. BOKF NA now owns 6,248 shares of the real estate investment trust’s stock worth $1,206,000 after acquiring an additional 164 shares during the last quarter. Waverly Advisors LLC raised its holdings in American Tower by 45.4% during the 1st quarter. Waverly Advisors LLC now owns 5,603 shares of the real estate investment trust’s stock worth $1,107,000 after buying an additional 1,750 shares during the period. Vancity Investment Management Ltd raised its holdings in shares of American Tower by 17.8% during the first quarter. Vancity Investment Management Ltd now owns 99,270 shares of the real estate investment trust’s stock valued at $19,614,000 after acquiring an additional 14,984 shares during the period. Finally, Ancora Advisors LLC raised its stake in American Tower by 26.5% during the 1st quarter. Ancora Advisors LLC now owns 79,863 shares of the real estate investment trust’s stock valued at $15,780,000 after purchasing an additional 16,711 shares during the period. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Up 0.7 %

Shares of AMT opened at $204.31 on Monday. The stock has a 50 day simple moving average of $218.75 and a 200-day simple moving average of $211.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market cap of $95.47 billion, a PE ratio of 86.21, a PEG ratio of 1.36 and a beta of 0.84. American Tower Co. has a 1 year low of $170.46 and a 1 year 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 (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.58 earnings per share. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders 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 yield of 3.17%. American Tower’s dividend payout ratio is 273.42%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AMT. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. TD Cowen upped their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. raised their price objective 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. 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.