GLOBALT Investments LLC GA Sells 713 Shares of American Tower Co. (NYSE:AMT)

GLOBALT Investments LLC GA lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 3.4% in the third quarter, HoldingsChannel.com reports. The firm owned 20,092 shares of the real estate investment trust’s stock after selling 713 shares during the period. GLOBALT Investments LLC GA’s holdings in American Tower were worth $4,673,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. NBT Bank N A NY boosted its position in American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after buying an additional 54 shares during the period. CX Institutional boosted its holdings in American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after acquiring an additional 54 shares during the period. O Brien Greene & Co. Inc increased its stake in American Tower by 2.3% in the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 55 shares during the period. Palumbo Wealth Management LLC grew its holdings in shares of American Tower by 1.6% in the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after purchasing an additional 57 shares during the last quarter. Finally, Tyche Wealth Partners LLC raised its holdings in American Tower by 4.9% during the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Trading Up 0.9 %

Shares of NYSE AMT opened at $196.45 on Monday. 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. The firm has a 50-day moving average of $222.51 and a 200 day moving average of $211.10. The stock has a market cap of $91.80 billion, a P/E ratio of 82.89, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.58 earnings per share. As a group, sell-side analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.30%. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AMT. JPMorgan Chase & Co. increased their target price 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. TD Cowen increased their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Barclays upped their target price on American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus price target of $235.85.

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.