Ithaka Group LLC Acquires Shares of 950 American Tower Co. (NYSE:AMT)

Ithaka Group LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 950 shares of the real estate investment trust’s stock, valued at approximately $221,000.

Several other institutional investors have also recently made changes to their positions in AMT. Cultivar Capital Inc. purchased a new position in shares of American Tower during the 2nd quarter valued at approximately $25,000. Fortitude Family Office LLC increased its holdings in shares of 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 in the last quarter. Fairscale Capital LLC purchased a new position in shares of American Tower during the 2nd quarter valued at approximately $27,000. Hobbs Group Advisors LLC purchased a new stake in American Tower in the 2nd quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter worth $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 1.1 %

Shares of AMT stock opened at $203.18 on Friday. The company’s 50-day moving average price is $219.44 and its 200-day moving average price is $211.24. 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 $94.94 billion, a price-to-earnings ratio of 85.73, a PEG ratio of 1.34 and a beta of 0.84. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

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

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders 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 dividend yield of 3.19%. American Tower’s payout ratio is 273.42%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AMT shares. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Mizuho boosted their price target on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Finally, StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Four investment 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 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 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.