First Horizon Advisors Inc. Purchases 3,930 Shares of American Tower Co. (NYSE:AMT)

First Horizon Advisors Inc. increased its position in American Tower Co. (NYSE:AMT - Free Report) by 7.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,173 shares of the real estate investment trust's stock after acquiring an additional 3,930 shares during the period. First Horizon Advisors Inc.'s holdings in American Tower were worth $13,994,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new position in American Tower during the second quarter valued at $25,000. Fortitude Family Office LLC lifted its holdings in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC bought a new position in shares of American Tower in the second quarter worth approximately $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of American Tower in the second quarter worth $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 3rd quarter valued at $30,000. Hedge funds and other institutional investors own 92.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AMT shares. Scotiabank lowered 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 report on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an "outperform" rating in a research note on Thursday, August 15th. Mizuho raised their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a report on Thursday, September 12th. Wells Fargo & Company lowered shares of American Tower from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their price objective on American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, September 23rd. Four 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 company. According to MarketBeat, American Tower presently has an average rating of "Moderate Buy" and an average price target of $235.54.

American Tower Price Performance

NYSE:AMT traded down $0.27 during trading hours on Wednesday, hitting $200.88. The company's stock had a trading volume of 2,219,411 shares, compared to its average volume of 2,323,926. 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 company has a market capitalization of $93.87 billion, a PE ratio of 84.88, a PEG ratio of 1.31 and a beta of 0.84. The business's 50-day moving average is $220.88 and its two-hundred day moving average is $211.37.

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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to analysts' expectations of $2.77 billion. During the same period last year, the business posted $2.58 earnings per share. The company's quarterly revenue was down 10.5% on a year-over-year basis. As a group, research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.23%. American Tower's dividend payout ratio (DPR) is 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.