Bank of Montreal Can Sells 57,789 Shares of American Tower Co. (NYSE:AMT)

Bank of Montreal Can reduced its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 6.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 896,227 shares of the real estate investment trust's stock after selling 57,789 shares during the quarter. Bank of Montreal Can owned approximately 0.19% of American Tower worth $206,419,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC lifted its holdings in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC purchased a new stake in American Tower in the second quarter worth $27,000. Northwest Investment Counselors LLC purchased a new stake in American Tower in the third quarter worth $30,000. Cultivar Capital Inc. purchased a new stake in American Tower in the second quarter worth $25,000. Finally, Hara Capital LLC purchased a new stake in American Tower in the third quarter worth $31,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Price Performance

American Tower stock traded up $0.54 during midday trading on Tuesday, hitting $208.09. 1,791,434 shares of the company's stock were exchanged, compared to its average volume of 2,324,273. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The stock has a 50-day moving average price of $217.47 and a two-hundred day moving average price of $212.16. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market cap of $97.24 billion, a P/E ratio of 87.80, a PEG ratio of 1.36 and a beta of 0.84.

American Tower (NYSE:AMT - Get Free Report) last posted its 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 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 quarter in the previous year, the firm earned $2.58 earnings per share. American Tower's quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities research analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's dividend payout ratio (DPR) is currently 273.42%.

Wall Street Analyst Weigh In

AMT has been the subject of a number of recent research reports. BMO Capital Markets decreased their target price on American Tower from $255.00 to $245.00 and set an "outperform" rating for the company in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised 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. Wells Fargo & Company downgraded American Tower from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Mizuho lifted their price target on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a research report on Thursday, September 12th. Finally, TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently 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.