Crossmark Global Holdings Inc. Sells 2,689 Shares of American Tower Co. (NYSE:AMT)

Crossmark Global Holdings Inc. trimmed its position in American Tower Co. (NYSE:AMT - Free Report) by 4.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 58,946 shares of the real estate investment trust's stock after selling 2,689 shares during the period. Crossmark Global Holdings Inc.'s holdings in American Tower were worth $13,709,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in shares of American Tower in the 2nd quarter valued at $25,000. Fortitude Family Office LLC lifted its stake in 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 buying an additional 78 shares during the period. Fairscale Capital LLC bought a new position in American Tower during the second quarter worth about $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower during the 2nd quarter worth about $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of American Tower in the 3rd quarter valued at about $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AMT has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of American Tower from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. TD Cowen lifted their target price on American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Royal Bank of Canada increased their price target on American Tower from $225.00 to $236.00 and gave the stock an "outperform" rating in a report on Thursday, August 15th. Wells Fargo & Company cut American Tower from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. increased their target price on American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.85.

American Tower Stock Performance

Shares of NYSE AMT traded up $3.93 during mid-day trading on Friday, hitting $201.80. The company had a trading volume of 3,981,626 shares, compared to its average volume of 2,433,520. The stock's 50-day moving average price is $226.12 and its 200-day moving average price is $210.08. The company has a market capitalization of $94.30 billion, a price-to-earnings ratio of 85.15, a P/E/G ratio of 1.34 and a beta of 0.84. 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 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 announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.58 earnings per share. On average, sell-side analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.21%. American Tower's payout ratio is currently 273.42%.

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.