Impax Asset Management Group plc Boosts Stake in American Tower Co. (NYSE:AMT)

Impax Asset Management Group plc grew its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 68.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,925 shares of the real estate investment trust's stock after buying an additional 13,834 shares during the quarter. Impax Asset Management Group plc's holdings in American Tower were worth $7,890,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMT. NBT Bank N A NY raised its position in American Tower by 3.3% in 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 acquiring an additional 54 shares during the period. CX Institutional grew its stake in American Tower by 2.9% in the 3rd 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 in the last quarter. O Brien Greene & Co. Inc lifted its position in shares of American Tower by 2.3% during the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust's stock worth $481,000 after acquiring an additional 55 shares in the last quarter. CFO4Life Group LLC grew its position in shares of American Tower by 5.4% in the first quarter. CFO4Life Group LLC now owns 1,119 shares of the real estate investment trust's stock valued at $221,000 after purchasing an additional 57 shares in the last quarter. Finally, Palumbo Wealth Management LLC lifted its holdings in American Tower by 1.6% during the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust's stock worth $864,000 after purchasing an additional 57 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company's stock.

American Tower Trading Down 7.7 %

Shares of NYSE:AMT traded down $16.38 during trading on Wednesday, reaching $197.47. 8,112,367 shares of the company traded hands, compared to its average volume of 2,297,424. 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 52-week low of $170.46 and a 52-week high of $243.56. The business's fifty day moving average is $227.63 and its 200-day moving average is $209.79. The firm has a market capitalization of $92.23 billion, a price-to-earnings ratio of 90.24, a P/E/G ratio of 1.48 and a beta of 0.84.

American Tower (NYSE:AMT - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $2.52 billion during the quarter, compared to analysts' expectations of $2.77 billion. During the same quarter in the previous year, the firm posted $2.58 EPS. American Tower's revenue was down 10.5% compared to the same quarter last year. As a group, analysts forecast that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The business also recently disclosed 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. This represents a $6.48 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower's payout ratio is currently 273.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AMT. Scotiabank lowered their price target on shares of American Tower from $248.00 to $236.00 and set a "sector outperform" rating on the stock in a report on Wednesday, October 30th. StockNews.com lowered American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on American Tower from $240.00 to $250.00 and gave the company an "overweight" rating in a report on Monday, September 23rd. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a report on Wednesday, July 31st. Finally, Mizuho lifted their price objective 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. Four 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.