Geode Capital Management LLC Has $2.60 Billion Position in American Tower Co. (NYSE:AMT)

Geode Capital Management LLC grew its holdings in American Tower Co. (NYSE:AMT - Free Report) by 1.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,213,613 shares of the real estate investment trust's stock after purchasing an additional 204,426 shares during the period. Geode Capital Management LLC owned approximately 2.40% of American Tower worth $2,599,074,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Fortitude Family Office LLC grew its stake in American Tower by 269.0% during the 3rd 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 purchased a new position in American Tower during the second quarter valued at approximately $27,000. Northwest Investment Counselors LLC acquired a new position in American Tower in the 3rd quarter valued at approximately $30,000. Cultivar Capital Inc. acquired a new stake in shares of American Tower during the 2nd quarter valued at $25,000. Finally, Hara Capital LLC purchased a new position in shares of American Tower during the 3rd quarter valued at $31,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analyst Weigh In

AMT has been the topic of several research reports. StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Scotiabank dropped their price target on shares of American Tower from $248.00 to $236.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of American Tower from $255.00 to $251.00 and set an "overweight" rating for the company in a research note on Monday, November 18th. Mizuho increased their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Finally, Wells Fargo & Company cut American Tower from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and an average price target of $235.54.

American Tower Stock Performance

Shares of AMT stock traded down $9.51 during mid-day trading on Tuesday, reaching $199.53. The stock had a trading volume of 2,604,006 shares, compared to its average volume of 2,325,297. The firm has a market cap of $93.24 billion, a PE ratio of 84.19, a P/E/G ratio of 1.38 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. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The firm's 50 day simple moving average is $212.85 and its 200 day simple moving average is $213.27.

American Tower (NYSE:AMT - Get Free Report) last announced 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 net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the prior year, the company posted $2.58 EPS. The company's quarterly revenue was down 10.5% compared to the same quarter last year. On average, analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.25%. 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.