Kentucky Retirement Systems Trims Holdings in American Tower Co. (NYSE:AMT)

Kentucky Retirement Systems lessened its position in American Tower Co. (NYSE:AMT - Free Report) by 7.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,539 shares of the real estate investment trust's stock after selling 2,651 shares during the quarter. Kentucky Retirement Systems' holdings in American Tower were worth $7,567,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Orion Portfolio Solutions LLC raised its position in shares of American Tower by 24.5% during the 1st quarter. Orion Portfolio Solutions LLC now owns 17,199 shares of the real estate investment trust's stock valued at $3,398,000 after buying an additional 3,381 shares during the period. First Foundation Advisors increased its position in shares of American Tower by 34.2% during the 1st quarter. First Foundation Advisors now owns 1,080 shares of the real estate investment trust's stock worth $213,000 after purchasing an additional 275 shares during the last quarter. Intech Investment Management LLC raised its holdings in American Tower by 17.7% in the 1st quarter. Intech Investment Management LLC now owns 5,520 shares of the real estate investment trust's stock valued at $1,091,000 after buying an additional 831 shares during the period. Strait & Sound Wealth Management LLC boosted its stake in American Tower by 8.2% during the first quarter. Strait & Sound Wealth Management LLC now owns 1,324 shares of the real estate investment trust's stock worth $262,000 after buying an additional 100 shares during the period. Finally, Edgestream Partners L.P. increased its position in shares of American Tower by 110.4% during the first quarter. Edgestream Partners L.P. now owns 2,321 shares of the real estate investment trust's stock valued at $459,000 after acquiring an additional 1,218 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Price Performance

Shares of NYSE:AMT traded up $1.68 on Friday, hitting $196.45. The company had a trading volume of 2,587,387 shares, compared to its average volume of 2,323,201. The company has a market cap of $91.80 billion, a PE ratio of 82.89, a PEG ratio of 1.30 and a beta of 0.84. The business has a 50 day moving average of $222.51 and a 200 day moving average of $210.59. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. 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 (NYSE:AMT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share 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 analysts' expectations of $2.77 billion. During the same period in the prior year, the company earned $2.58 EPS. The company's revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors 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 3.30%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's dividend payout ratio (DPR) is presently 273.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AMT. Barclays lifted their price objective on American Tower from $223.00 to $255.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. Mizuho lifted their target price on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. increased 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. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Finally, BMO Capital Markets decreased their price target on shares of American Tower from $255.00 to $245.00 and set an "outperform" rating for the company in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $235.85.

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.