New York State Common Retirement Fund trimmed its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 7.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 578,507 shares of the real estate investment trust's stock after selling 43,276 shares during the quarter. New York State Common Retirement Fund owned approximately 0.12% of American Tower worth $134,538,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in AMT. Fortitude Family Office LLC grew its holdings in American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC bought a new stake in American Tower during the 2nd quarter worth approximately $27,000. Northwest Investment Counselors LLC bought a new stake in American Tower during the 3rd quarter worth approximately $30,000. Cultivar Capital Inc. bought a new stake in shares of American Tower in the 2nd quarter valued at $25,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the second quarter worth $29,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.
American Tower Stock Down 1.1 %
Shares of American Tower stock traded down $2.28 during trading hours on Friday, reaching $211.26. The company's stock had a trading volume of 1,980,699 shares, compared to its average volume of 2,274,514. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The company has a market capitalization of $98.68 billion, a P/E ratio of 89.14, a P/E/G ratio of 1.04 and a beta of 0.83. The stock's fifty day simple moving average is $228.14 and its two-hundred day simple moving average is $208.69. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.81 and a current ratio of 0.69.
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 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 business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period last year, the business posted $2.58 earnings per share. The firm's quarterly revenue was down 10.5% on a year-over-year basis. On average, research analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.
American Tower Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors 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 dividend yield of 3.07%. The ex-dividend date was Wednesday, October 9th. American Tower's payout ratio is currently 273.42%.
Analyst Ratings Changes
Several research firms have recently weighed in on AMT. Wells Fargo & Company cut shares of American Tower from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an "outperform" rating for the company in a research report on Wednesday. StockNews.com cut shares of American Tower from a "buy" rating to a "hold" rating in a research report on Wednesday. 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 research report on Wednesday. Finally, Mizuho increased their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a "neutral" rating in a research report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $235.85.
Get Our Latest Analysis on AMT
About American Tower
(
Free Report)
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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