Point72 Europe London LLP Takes Position in American Tower Co. (NYSE:AMT)

Point72 Europe London LLP bought a new position in American Tower Co. (NYSE:AMT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 43,315 shares of the real estate investment trust’s stock, valued at approximately $10,073,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PGGM Investments purchased a new position in shares of American Tower during the 1st quarter valued at $220,000. Cetera Investment Advisers grew its position in shares of American Tower by 344.2% during the first quarter. Cetera Investment Advisers now owns 111,449 shares of the real estate investment trust’s stock worth $22,021,000 after purchasing an additional 86,359 shares in the last quarter. Cetera Advisors LLC raised its stake in American Tower by 29.0% during 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 purchasing an additional 9,275 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in American Tower by 24.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 907 shares of the real estate investment trust’s stock worth $179,000 after purchasing an additional 176 shares in the last quarter. Finally, Keynote Financial Services LLC bought a new position in American Tower in the 1st quarter worth approximately $237,000. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 0.1 %

Shares of NYSE AMT opened at $209.00 on Friday. The company has a market cap of $97.66 billion, a P/E ratio of 88.19, a PEG ratio of 1.39 and a beta of 0.84. The firm has a 50-day simple moving average of $215.95 and a two-hundred day simple moving average of $212.29. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT) last posted 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the previous year, the firm earned $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. Research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.10%. American Tower’s payout ratio is 273.42%.

Analysts Set New Price Targets

Several research firms have recently commented on AMT. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Barclays cut their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research report on Monday, November 18th. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. lifted their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Four investment 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.