Harvest Portfolios Group Inc. Increases Stake in American Tower Co. (NYSE:AMT)

Harvest Portfolios Group Inc. raised its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 114.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,491 shares of the real estate investment trust's stock after purchasing an additional 4,004 shares during the period. Harvest Portfolios Group Inc.'s holdings in American Tower were worth $1,742,000 as of its most recent filing with the Securities & Exchange Commission.

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

American Tower Stock Performance

American Tower stock traded up $0.85 during trading hours on Thursday, hitting $198.32. 2,368,697 shares of the stock traded hands, compared to its average volume of 2,297,851. The firm's 50 day moving average price is $227.07 and its 200-day moving average price is $209.71. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $92.63 billion, a price-to-earnings ratio of 83.30, a P/E/G ratio of 1.48 and a beta of 0.84. 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 issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 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 firm had revenue of $2.52 billion during the quarter, compared to analysts' expectations of $2.77 billion. During the same quarter in the prior year, the company earned $2.58 EPS. American Tower's quarterly revenue was down 10.5% on a year-over-year basis. As a group, equities analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors 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 dividend yield of 3.27%. American Tower's dividend payout ratio (DPR) is presently 273.42%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AMT shares. Deutsche Bank Aktiengesellschaft boosted their price target on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. boosted their price target on American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Wells Fargo & Company lowered American Tower from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $235.85.

American Tower Company 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.