King Luther Capital Management Corp Buys 7,685 Shares of American Tower Co. (NYSE:AMT)

King Luther Capital Management Corp lifted its position in shares of American Tower Co. (NYSE:AMT - Free Report) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 225,542 shares of the real estate investment trust's stock after purchasing an additional 7,685 shares during the quarter. King Luther Capital Management Corp's holdings in American Tower were worth $52,452,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. NBT Bank N A NY boosted its stake in American Tower by 3.3% in the 2nd quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust's stock worth $329,000 after purchasing an additional 54 shares during the period. CX Institutional increased its position in shares of American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust's stock valued at $450,000 after acquiring an additional 54 shares during the last quarter. O Brien Greene & Co. Inc grew its stake in American Tower by 2.3% in the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust's stock valued at $481,000 after purchasing an additional 55 shares in the last quarter. Palumbo Wealth Management LLC boosted its holdings in shares of American Tower by 1.6% in the 3rd quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust's stock valued at $864,000 after buying an additional 57 shares during the last quarter. Finally, Tyche Wealth Partners LLC grew its stake in shares of American Tower by 4.9% in the second quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust's stock valued at $242,000 after buying an additional 58 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Barclays decreased their target price on shares of American Tower from $255.00 to $251.00 and set an "overweight" rating for the company in a research note on Monday. Scotiabank decreased 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 research note on Wednesday, October 30th. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. Wells Fargo & Company cut shares of American Tower from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of American Tower from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $235.54.

American Tower Price Performance

American Tower stock opened at $200.88 on Thursday. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The stock has a market capitalization of $93.87 billion, a price-to-earnings ratio of 84.76, a PEG ratio of 1.34 and a beta of 0.84. The stock's 50 day moving average price is $220.12 and its two-hundred day moving average price is $211.30. 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 (NYSE:AMT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the company posted $2.58 EPS. The firm's revenue was down 10.5% compared to the same quarter last year. On average, equities analysts predict that American Tower Co. will post 10.08 earnings per share for the current 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 issued a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.23%. American Tower's payout ratio is currently 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.

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