Toronto Dominion Bank Sells 12,288 Shares of American Tower Co. (NYSE:AMT)

Toronto Dominion Bank decreased its holdings in American Tower Co. (NYSE:AMT - Free Report) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,571 shares of the real estate investment trust's stock after selling 12,288 shares during the period. Toronto Dominion Bank owned about 0.05% of American Tower worth $58,273,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AMT. FMR LLC raised its stake in American Tower by 25.4% during the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust's stock valued at $2,474,934,000 after buying an additional 2,152,646 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust's stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. Adelante Capital Management LLC lifted its holdings in American Tower by 2,723.4% in the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust's stock valued at $279,890,000 after acquiring an additional 1,160,890 shares during the period. Pathway Financial Advisers LLC boosted its position in American Tower by 23,224.1% in the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust's stock worth $231,941,000 after purchasing an additional 993,061 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of American Tower by 22,242.7% during the 3rd quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust's stock valued at $1,811,330,000 after purchasing an additional 775,379 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of American Tower from $260.00 to $234.00 and set a "buy" rating on the stock in a research note on Thursday. Wells Fargo & Company cut shares of American Tower from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. JPMorgan Chase & Co. boosted their price objective on shares of 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 target price on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. Finally, Scotiabank cut their price target 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. Four 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $235.85.

American Tower Price Performance

Shares of NYSE:AMT traded down $1.73 during midday trading on Thursday, reaching $197.86. 1,922,605 shares of the company were exchanged, compared to its average volume of 2,323,956. The stock has a market cap of $92.46 billion, a PE ratio of 84.40, a price-to-earnings-growth ratio of 1.38 and a beta of 0.83. The business's fifty day moving average is $211.56 and its two-hundred day moving average is $213.27. American Tower Co. has a one year low of $170.46 and a one year 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 released its quarterly earnings data 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 the consensus estimate of $2.77 billion. During the same period last year, the company earned $2.58 EPS. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. As a group, analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be given a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.28%. American Tower's dividend payout ratio is currently 273.42%.

About American Tower

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.