Entropy Technologies LP purchased a new position in American Tower Co. (NYSE:AMT - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,837 shares of the real estate investment trust's stock, valued at approximately $4,846,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. NBT Bank N A NY lifted its position in shares of American Tower by 3.3% during the second quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust's stock worth $329,000 after purchasing an additional 54 shares in the last quarter. CX Institutional raised its holdings in shares of American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust's stock valued at $450,000 after buying an additional 54 shares during the last quarter. O Brien Greene & Co. Inc grew its stake in shares of American Tower by 2.3% in the 2nd quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust's stock valued at $481,000 after purchasing an additional 55 shares during the last quarter. Palumbo Wealth Management LLC increased its stake in American Tower by 1.6% in the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust's stock valued at $864,000 after buying an additional 57 shares during the period. Finally, Tyche Wealth Partners LLC lifted its position in American Tower by 4.9% in the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust's stock valued at $242,000 after purchasing an additional 58 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.
American Tower Stock Performance
Shares of NYSE:AMT traded down $2.36 on Tuesday, hitting $193.72. The company had a trading volume of 2,953,326 shares, compared to its average volume of 2,322,029. The stock has a market cap of $90.52 billion, a price-to-earnings ratio of 81.22, 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. The stock has a 50 day moving average price of $225.56 and a 200 day moving average price of $210.50.
American Tower (NYSE:AMT - Get Free Report) last issued its earnings results 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). The firm had revenue of $2.52 billion during 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%. American Tower's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the previous year, the company earned $2.58 EPS. Analysts expect that American Tower Co. will post 10.08 EPS for the current year.
American Tower Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a yield of 3.35%. American Tower's payout ratio is 273.42%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on AMT shares. Barclays upped their price target on American Tower from $223.00 to $255.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their price objective on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Royal Bank of Canada boosted their price objective on American Tower from $225.00 to $236.00 and gave the stock an "outperform" rating in a research note on Thursday, August 15th. BMO Capital Markets cut their price target on American Tower from $255.00 to $245.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. Finally, Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research note on Thursday, September 12th. Four equities research 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $235.85.
Check Out Our Latest Report on AMT
American Tower Profile
(
Free Report)
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.
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