Cumberland Partners Ltd Makes New Investment in American Tower Co. (NYSE:AMT)

Cumberland Partners Ltd purchased a new position in American Tower Co. (NYSE:AMT - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,928 shares of the real estate investment trust's stock, valued at approximately $3,007,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMT. Balentine LLC purchased a new stake in American Tower during the 3rd quarter worth about $586,000. Czech National Bank grew its stake in American Tower by 6.9% during the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust's stock worth $22,128,000 after buying an additional 6,163 shares during the period. Kingsview Wealth Management LLC lifted its holdings in American Tower by 13.8% in the 1st quarter. Kingsview Wealth Management LLC now owns 38,528 shares of the real estate investment trust's stock valued at $7,613,000 after acquiring an additional 4,660 shares during the last quarter. Tidal Investments LLC lifted its stake in American Tower by 27.7% during the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust's stock valued at $4,029,000 after purchasing an additional 4,430 shares during the last quarter. Finally, Cetera Advisors LLC boosted its holdings in American Tower by 29.0% during the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust's stock valued at $8,157,000 after acquiring an additional 9,275 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Down 1.2 %

Shares of NYSE:AMT traded down $2.36 during midday trading on Tuesday, hitting $193.72. 2,953,326 shares of the stock were exchanged, compared to its average volume of 2,322,029. The company has a market capitalization of $90.52 billion, a PE ratio of 81.22, a P/E/G ratio of 1.34 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The business's fifty day simple moving average is $225.56 and its two-hundred day simple moving average is $210.50.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly 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 company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the company posted $2.58 earnings per share. As a group, research analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's dividend payout ratio is presently 273.42%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AMT shares. Deutsche Bank Aktiengesellschaft upped their target price on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research note on Wednesday, August 14th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a research note on Monday, September 23rd. Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Scotiabank cut their target price on shares of American Tower from $248.00 to $236.00 and set a "sector outperform" rating for the company in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada upped their price objective on American Tower from $225.00 to $236.00 and gave the company an "outperform" rating in a research report on Thursday, August 15th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, American Tower currently has an average rating of "Moderate Buy" and an average target price of $235.85.

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.