American Tower Co. (NYSE:AMT) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its stake in American Tower Co. (NYSE:AMT) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,724 shares of the real estate investment trust’s stock after selling 246 shares during the period. Pitcairn Co.’s holdings in American Tower were worth $1,099,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Balentine LLC acquired a new stake in American Tower during the 3rd quarter worth $586,000. Czech National Bank increased its position in shares of 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 in the last quarter. Tidal Investments LLC lifted its holdings in shares of American Tower by 27.7% in the 1st 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 during the last quarter. Cetera Advisors LLC boosted its position in shares of 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 purchasing an additional 9,275 shares during the period. Finally, Banque Cantonale Vaudoise grew its stake in American Tower by 46.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock worth $5,980,000 after buying an additional 8,195 shares during the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of a number of research reports. Scotiabank reduced their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Barclays lowered their target price on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. TD Cowen upped their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets lowered their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, American Tower presently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Trading Up 0.7 %

NYSE AMT opened at $204.31 on Monday. 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 cap of $95.47 billion, a P/E ratio of 86.21, a P/E/G ratio of 1.36 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a 50-day moving average of $218.75 and a 200-day moving average of $211.84.

American Tower (NYSE:AMT) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS 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 return on equity of 22.01% and a net margin of 10.05%. The business’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 earnings per share. As a group, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given 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 3.17%. American Tower’s dividend payout ratio (DPR) is 273.42%.

About American Tower

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.