American Tower Co. (NYSE:AMT) Stake Lessened by Graypoint LLC

Graypoint LLC trimmed its stake in shares of American Tower Co. (NYSE:AMT) by 10.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,387 shares of the real estate investment trust’s stock after selling 392 shares during the quarter. Graypoint LLC’s holdings in American Tower were worth $621,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in AMT. CX Institutional boosted its holdings in American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock worth $450,000 after purchasing an additional 54 shares during the period. O Brien Greene & Co. Inc grew its position in shares of American Tower by 2.3% during the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock valued at $481,000 after buying an additional 55 shares during the last quarter. Palumbo Wealth Management LLC raised its stake in American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after acquiring an additional 57 shares during the period. Rehmann Capital Advisory Group lifted its holdings in American Tower by 4.2% in the third quarter. Rehmann Capital Advisory Group now owns 1,426 shares of the real estate investment trust’s stock worth $332,000 after acquiring an additional 58 shares during the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in American Tower by 5.3% in the third quarter. Sivia Capital Partners LLC now owns 1,179 shares of the real estate investment trust’s stock valued at $274,000 after acquiring an additional 59 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

AMT stock opened at $173.54 on Friday. The firm has a 50-day moving average of $194.98 and a two-hundred day moving average of $211.78. The firm has a market capitalization of $81.09 billion, a PE ratio of 73.22, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last released its 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 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%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same period last year, the firm earned $2.58 EPS. On average, analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Friday, December 27th. American Tower’s dividend payout ratio is currently 273.42%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AMT. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Mizuho cut their target price on American Tower from $221.00 to $204.00 and set a “neutral” rating on the stock in a research note on Wednesday. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Finally, Scotiabank decreased their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and a consensus target price of $233.67.

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.