Assetmark Inc. Buys 1,641 Shares of American Tower Co. (NYSE:AMT)

Assetmark Inc. boosted its stake in American Tower Co. (NYSE:AMT) by 227.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,364 shares of the real estate investment trust’s stock after acquiring an additional 1,641 shares during the quarter. Assetmark Inc.’s holdings in American Tower were worth $550,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. NBT Bank N A NY lifted its position in American Tower by 3.3% in the 2nd quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock valued at $329,000 after acquiring an additional 54 shares in the last quarter. CX Institutional lifted its position in American Tower by 2.9% in 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 in the last quarter. O Brien Greene & Co. Inc lifted its position 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 valued at $481,000 after acquiring an additional 55 shares in the last quarter. Palumbo Wealth Management LLC lifted its position in American Tower by 1.6% in the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock valued at $864,000 after acquiring an additional 57 shares in the last quarter. Finally, Tyche Wealth Partners LLC lifted its position in American Tower by 4.9% in 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 acquiring an additional 58 shares in the last quarter. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on AMT. 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 research report on Thursday, September 12th. BMO Capital Markets cut their price target 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. 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 research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Stock Up 0.9 %

Shares of AMT opened at $196.45 on Friday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The firm has a market cap of $91.80 billion, a P/E ratio of 82.11, a price-to-earnings-growth ratio of 1.30 and a beta of 0.84. The firm’s 50-day simple moving average is $223.30 and its 200 day simple moving average is $210.44. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last announced its earnings results 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 return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the previous year, the company earned $2.58 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently announced 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 dividend yield of 3.30%. American Tower’s payout ratio is presently 273.42%.

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.