Edgewood Management LLC Decreases Stock Position in American Tower Co. (NYSE:AMT)

Edgewood Management LLC lowered its stake in American Tower Co. (NYSE:AMT) by 1.8% during the 3rd quarter, Holdings Channel reports. The firm owned 60,790 shares of the real estate investment trust’s stock after selling 1,083 shares during the quarter. American Tower makes up about 0.0% of Edgewood Management LLC’s holdings, making the stock its 28th biggest position. Edgewood Management LLC’s holdings in American Tower were worth $14,137,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Activest Wealth Management lifted its stake in American Tower by 431.0% in the 3rd quarter. Activest Wealth Management now owns 154 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 125 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in American Tower by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust’s stock worth $1,211,397,000 after purchasing an additional 243,061 shares in the last quarter. Banco Santander S.A. lifted its stake in American Tower by 131.0% in the 3rd quarter. Banco Santander S.A. now owns 53,638 shares of the real estate investment trust’s stock worth $12,474,000 after purchasing an additional 30,419 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of American Tower by 6.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,537,892 shares of the real estate investment trust’s stock worth $822,772,000 after buying an additional 226,999 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new stake in shares of American Tower in the 3rd quarter worth about $233,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Barclays reduced their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. BMO Capital Markets cut their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price target 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 given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Price Performance

Shares of AMT stock opened at $203.18 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 company has a market capitalization of $94.94 billion, a P/E ratio of 85.73, a P/E/G ratio of 1.34 and a beta of 0.84. The company’s 50-day simple moving average is $219.44 and its two-hundred day simple moving average is $211.24. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last issued its 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 company had revenue of $2.52 billion during 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.58 earnings per share. As a group, equities analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

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 3.19%. 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.