Lord Abbett & CO. LLC Takes Position in American Tower Co. (NYSE:AMT)

Lord Abbett & CO. LLC acquired a new stake in American Tower Co. (NYSE:AMT - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 130,869 shares of the real estate investment trust's stock, valued at approximately $30,435,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in AMT. Fortitude Family Office LLC raised its position 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 buying an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new position in American Tower during the second quarter valued at approximately $27,000. Northwest Investment Counselors LLC bought a new stake in American Tower during the third quarter worth $30,000. Cultivar Capital Inc. acquired a new stake in shares of American Tower in the 2nd quarter valued at $25,000. Finally, Hara Capital LLC bought a new position in shares of American Tower in the 3rd quarter valued at $31,000. Institutional investors and hedge funds own 92.69% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. Scotiabank dropped their price objective on 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 boosted their target price on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Barclays reduced their price target on shares of American Tower from $255.00 to $251.00 and set an "overweight" rating on the stock in a research note on Monday, November 18th. JPMorgan Chase & Co. upped their price objective 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. Finally, StockNews.com lowered 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, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $235.08.

American Tower Trading Down 1.7 %

NYSE AMT traded down $3.45 on Monday, reaching $193.71. The company had a trading volume of 2,218,813 shares, compared to its average volume of 2,322,164. The firm has a market cap of $90.52 billion, a price-to-earnings ratio of 83.19, a P/E/G ratio of 1.31 and a beta of 0.83. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The business has a 50 day moving average of $210.40 and a two-hundred day moving average of $213.64. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the business earned $2.58 earnings per share. American Tower's revenue was down 10.5% compared to the same quarter last year. Analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, December 27th. American Tower's dividend payout ratio is currently 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.