International Assets Investment Management LLC Sells 775,656 Shares of American Tower Co. (NYSE:AMT)

International Assets Investment Management LLC reduced its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 99.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,209 shares of the real estate investment trust's stock after selling 775,656 shares during the period. International Assets Investment Management LLC's holdings in American Tower were worth $581,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AMT. FMR LLC grew its stake in shares of American Tower by 25.4% in the 3rd quarter. FMR LLC now owns 10,642,133 shares of the real estate investment trust's stock worth $2,474,934,000 after buying an additional 2,152,646 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust's stock worth $1,243,333,000 after acquiring an additional 1,885,421 shares during the last quarter. Adelante Capital Management LLC increased its holdings in shares of American Tower by 2,723.4% during the third quarter. Adelante Capital Management LLC now owns 1,203,517 shares of the real estate investment trust's stock valued at $279,890,000 after acquiring an additional 1,160,890 shares in the last quarter. Pathway Financial Advisers LLC raised its position in shares of American Tower by 23,224.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust's stock worth $231,941,000 after purchasing an additional 993,061 shares during the last quarter. Finally, State Street Corp boosted its stake in American Tower by 3.1% in the 3rd quarter. State Street Corp now owns 21,173,423 shares of the real estate investment trust's stock worth $4,924,091,000 after purchasing an additional 635,726 shares in the last quarter. Institutional investors own 92.69% of the company's stock.

American Tower Price Performance

NYSE:AMT traded down $5.65 during trading hours on Friday, hitting $173.54. 3,539,231 shares of the stock traded hands, compared to its average volume of 2,484,386. The company has a market cap of $81.09 billion, a price-to-earnings ratio of 73.22, a price-to-earnings-growth ratio of 1.31 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. The stock has a 50 day moving average price of $194.98 and a 200 day moving average price of $211.78. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT - Get Free Report) last issued its quarterly 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 return on equity of 22.01% and a net margin of 10.05%. The business 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 company posted $2.58 EPS. The company's quarterly revenue was down 10.5% on a year-over-year basis. Sell-side analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

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 issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, December 27th. American Tower's dividend payout ratio (DPR) is presently 273.42%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Mizuho reduced their target price on American Tower from $221.00 to $204.00 and set a "neutral" rating for the company in a report on Wednesday. BMO Capital Markets dropped their price target on shares of American Tower from $255.00 to $245.00 and set an "outperform" rating on the stock in a report on Wednesday, October 30th. Scotiabank decreased 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 report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a report on Monday, September 23rd. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $233.67.

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.