MAI Capital Management Sells 3,806 Shares of American Tower Co. (NYSE:AMT)

MAI Capital Management lessened its holdings in shares of American Tower Co. (NYSE:AMT - Free Report) by 3.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 110,878 shares of the real estate investment trust's stock after selling 3,806 shares during the period. MAI Capital Management's holdings in American Tower were worth $25,786,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. NBT Bank N A NY grew its holdings in shares of American Tower by 3.3% during 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 acquiring an additional 54 shares during the period. CX Institutional grew its holdings in shares of American Tower by 2.9% during the 3rd quarter. CX Institutional now owns 1,933 shares of the real estate investment trust's stock worth $450,000 after acquiring an additional 54 shares during the period. O Brien Greene & Co. Inc grew its holdings in shares of American Tower by 2.3% during the 2nd 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 during the period. Palumbo Wealth Management LLC grew its holdings in shares of 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 acquiring an additional 57 shares during the period. Finally, Tyche Wealth Partners LLC grew its holdings in shares of American Tower by 4.9% during the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust's stock worth $242,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 92.69% of the company's stock.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on American Tower from $212.00 to $235.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. TD Cowen upped their price target on American Tower from $226.00 to $239.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. StockNews.com downgraded American Tower from a "buy" rating to a "hold" rating in a research note on Wednesday, October 30th. Scotiabank cut their price target on American Tower from $248.00 to $236.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded American Tower from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $235.54.

American Tower Stock Performance

Shares of NYSE AMT traded up $2.39 during midday trading on Monday, hitting $198.84. 2,149,905 shares of the stock traded hands, compared to its average volume of 2,322,489. The firm has a 50-day moving average of $221.71 and a two-hundred day moving average of $211.24. The firm has a market capitalization of $92.92 billion, a P/E ratio of 83.90, a PEG ratio of 1.31 and a beta of 0.84. 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 one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last released 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). The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower's quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.58 earnings per share. On average, equities analysts forecast that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.26%. American Tower's payout ratio is 273.42%.

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.