Douglas Lane & Associates LLC Has $79.10 Million Stock Holdings in American Tower Co. (NYSE:AMT)

Douglas Lane & Associates LLC raised its stake in American Tower Co. (NYSE:AMT) by 5.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 431,261 shares of the real estate investment trust’s stock after acquiring an additional 21,084 shares during the quarter. American Tower accounts for about 1.1% of Douglas Lane & Associates LLC’s holdings, making the stock its 25th largest position. Douglas Lane & Associates LLC’s holdings in American Tower were worth $79,098,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC increased its holdings in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in American Tower during the 2nd quarter valued at $27,000. Northwest Investment Counselors LLC acquired a new stake in American Tower during the 3rd quarter valued at $30,000. Hara Capital LLC bought a new position in American Tower in the 3rd quarter valued at $31,000. Finally, Legacy Investment Solutions LLC bought a new stake in shares of American Tower during the third quarter worth $34,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Up 0.6 %

Shares of NYSE AMT traded up $1.05 during mid-day trading on Wednesday, reaching $178.22. 1,049,781 shares of the company’s stock were exchanged, compared to its average volume of 2,066,190. 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 business has a fifty day simple moving average of $197.12 and a 200 day simple moving average of $212.27. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The firm has a market capitalization of $83.28 billion, a price-to-earnings ratio of 75.20, a PEG ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its quarterly 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the firm posted $2.58 EPS. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, equities analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.64%. American Tower’s dividend payout ratio (DPR) is 273.42%.

Analysts Set New Price Targets

Several research analysts recently issued reports on AMT shares. Barclays reduced their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Scotiabank lowered their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. BMO Capital Markets dropped their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $233.67.

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.