Victory Capital Management Inc. Has $38.74 Million Stake in American Tower Co. (NYSE:AMT)

Victory Capital Management Inc. reduced its holdings in American Tower Co. (NYSE:AMT) by 7.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 166,600 shares of the real estate investment trust’s stock after selling 12,564 shares during the quarter. Victory Capital Management Inc.’s holdings in American Tower were worth $38,744,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Balentine LLC acquired a new stake in shares of American Tower in the 3rd quarter valued at about $586,000. Czech National Bank boosted its holdings in American Tower by 6.9% during the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares during the last quarter. Tidal Investments LLC grew its position in American Tower by 27.7% in the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after purchasing an additional 4,430 shares in the last quarter. Cetera Advisors LLC increased its stake in American Tower by 29.0% in the 1st quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock valued at $8,157,000 after buying an additional 9,275 shares during the last quarter. Finally, Savvy Advisors Inc. boosted its stake in shares of American Tower by 268.2% during the 3rd quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock worth $1,038,000 after buying an additional 3,251 shares during the last quarter. 92.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on AMT. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Stock Performance

Shares of NYSE AMT opened at $196.45 on Friday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $91.80 billion, a price-to-earnings ratio of 82.89, a P/E/G ratio of 1.30 and a beta of 0.84. The stock’s fifty day moving average price is $222.51 and its two-hundred day moving average price is $210.59. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

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 analysts’ consensus estimates of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.58 earnings per share. On average, equities analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.30%. American Tower’s dividend payout ratio is 273.42%.

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.