Syntax Research Inc. Sells 3,138 Shares of American Tower Co. (NYSE:AMT)

Syntax Research Inc. reduced its stake in American Tower Co. (NYSE:AMT - Free Report) by 18.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,605 shares of the real estate investment trust's stock after selling 3,138 shares during the quarter. American Tower comprises 2.1% of Syntax Research Inc.'s holdings, making the stock its 19th largest position. Syntax Research Inc.'s holdings in American Tower were worth $3,164,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Cultivar Capital Inc. acquired a new position in American Tower in the 2nd quarter valued at $25,000. Fortitude Family Office LLC grew its stake in shares of American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC bought a new position in American Tower during the second quarter worth about $27,000. Northwest Investment Counselors LLC acquired a new stake in American Tower in the 3rd quarter worth about $30,000. Finally, Hara Capital LLC bought a new stake in American Tower in the 3rd quarter valued at about $31,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMT has been the topic of several recent research reports. Barclays lowered their target price on shares of American Tower from $255.00 to $251.00 and set an "overweight" rating on the stock in a report on Monday, November 18th. 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 report on Wednesday, October 30th. JPMorgan Chase & Co. upped 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. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Finally, The Goldman Sachs Group decreased their target price on shares of American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $235.08.

American Tower Trading Down 4.4 %

Shares of AMT stock traded down $8.41 during mid-day trading on Wednesday, reaching $184.85. 3,788,619 shares of the stock traded hands, compared to its average volume of 2,329,468. The company has a market cap of $86.38 billion, a price-to-earnings ratio of 78.00, a price-to-earnings-growth ratio of 1.31 and a beta of 0.83. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock's fifty day simple moving average is $209.18 and its two-hundred day simple moving average is $213.64. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

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). The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.58 earnings per share. On average, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Friday, December 27th. American Tower's payout ratio is presently 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.