Everence Capital Management Inc. Cuts Stock Holdings in American Tower Co. (NYSE:AMT)

Everence Capital Management Inc. cut its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 51.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,412 shares of the real estate investment trust's stock after selling 5,790 shares during the quarter. Everence Capital Management Inc.'s holdings in American Tower were worth $993,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Foundations Investment Advisors LLC grew its stake in shares of American Tower by 18.8% during the second quarter. Foundations Investment Advisors LLC now owns 3,753 shares of the real estate investment trust's stock valued at $730,000 after buying an additional 595 shares during the last quarter. MCF Advisors LLC increased its stake in American Tower by 47.5% in the 2nd quarter. MCF Advisors LLC now owns 435 shares of the real estate investment trust's stock worth $85,000 after purchasing an additional 140 shares during the period. New York Life Investment Management LLC increased its stake in American Tower by 0.3% in the 2nd quarter. New York Life Investment Management LLC now owns 106,757 shares of the real estate investment trust's stock worth $20,751,000 after purchasing an additional 344 shares during the period. Private Advisor Group LLC boosted its stake in shares of American Tower by 6.9% during the second quarter. Private Advisor Group LLC now owns 88,731 shares of the real estate investment trust's stock valued at $17,230,000 after purchasing an additional 5,710 shares during the period. Finally, Candriam S.C.A. boosted its stake in shares of American Tower by 22.9% during the second quarter. Candriam S.C.A. now owns 43,912 shares of the real estate investment trust's stock valued at $8,535,000 after purchasing an additional 8,186 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 0.8 %

Shares of NYSE AMT traded up $1.53 during mid-day trading on Friday, hitting $182.56. 1,817,285 shares of the stock traded hands, compared to its average volume of 2,480,092. The stock has a fifty day moving average price of $198.67 and a 200-day moving average price of $212.36. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market cap of $85.31 billion, a price-to-earnings ratio of 77.03, a PEG ratio of 1.31 and a beta of 0.83. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $2.45 by ($1.56). The business 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%. American Tower's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.58 EPS. Research analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a $1.62 dividend. The ex-dividend date is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.55%. American Tower's dividend payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AMT shares. Mizuho upped their price target on shares of American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Scotiabank lowered their price objective on shares of American Tower from $248.00 to $236.00 and set a "sector outperform" rating for the company in a research note on Wednesday, October 30th. StockNews.com lowered shares of American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Wells Fargo & Company downgraded American Tower from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $235.08.

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.