Atom Investors LP Lowers Stock Holdings in American Tower Co. (NYSE:AMT)

Atom Investors LP cut its holdings in shares of American Tower Co. (NYSE:AMT) by 75.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,103 shares of the real estate investment trust’s stock after selling 46,117 shares during the quarter. Atom Investors LP’s holdings in American Tower were worth $3,512,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in AMT. EverSource Wealth Advisors LLC increased its position in American Tower by 24.1% during the first quarter. EverSource Wealth Advisors LLC now owns 907 shares of the real estate investment trust’s stock worth $179,000 after purchasing an additional 176 shares during the last quarter. Mather Group LLC. raised its stake in American Tower by 11.7% during the second quarter. Mather Group LLC. now owns 6,524 shares of the real estate investment trust’s stock valued at $1,289,000 after buying an additional 681 shares in the last quarter. Olistico Wealth LLC acquired a new position in American Tower in the second quarter valued at approximately $41,000. Kingswood Wealth Advisors LLC grew its stake in American Tower by 46.6% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 7,628 shares of the real estate investment trust’s stock worth $1,483,000 after buying an additional 2,423 shares during the last quarter. Finally, Somerset Trust Co increased its position in American Tower by 1.9% in the second quarter. Somerset Trust Co now owns 5,081 shares of the real estate investment trust’s stock worth $988,000 after buying an additional 97 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Performance

Shares of NYSE AMT opened at $209.00 on Monday. The business’s 50-day simple moving average is $215.95 and its 200-day simple moving average is $212.61. 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 Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The firm has a market cap of $97.66 billion, a price-to-earnings ratio of 88.19, a P/E/G ratio of 1.39 and a beta of 0.84.

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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the business earned $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, equities research analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company 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. This represents a $6.48 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is 273.42%.

Analyst Upgrades and Downgrades

AMT has been the subject of several recent research reports. Scotiabank lowered their price target 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. Mizuho upped their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Royal Bank of Canada upped their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Four equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

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.