Intech Investment Management LLC Trims Stock Position in American Tower Co. (NYSE:AMT)

Intech Investment Management LLC decreased its stake in American Tower Co. (NYSE:AMT) by 83.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,693 shares of the real estate investment trust’s stock after selling 37,890 shares during the quarter. Intech Investment Management LLC’s holdings in American Tower were worth $1,789,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AMT. Cultivar Capital Inc. purchased a new stake in American Tower in the 2nd quarter worth approximately $25,000. Fortitude Family Office LLC lifted its stake in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter worth $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter valued at $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of American Tower in the third quarter worth about $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMT. Deutsche Bank Aktiengesellschaft raised their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Barclays cut their price target on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a report on Monday, November 18th. Finally, BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Four equities research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Stock Up 1.6 %

Shares of NYSE AMT opened at $207.60 on Tuesday. The stock has a market cap of $97.01 billion, a PE ratio of 87.59, a P/E/G ratio of 1.36 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 12-month low of $170.46 and a 12-month high of $243.56. The company has a 50-day moving average of $218.10 and a 200 day moving average of $211.99.

American Tower (NYSE:AMT) last posted 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 company had revenue of $2.52 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business posted $2.58 EPS. As a group, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders 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 annualized dividend and a dividend yield of 3.12%. American Tower’s payout ratio is 273.42%.

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.