Point72 Asset Management L.P. Sells 652,068 Shares of American Tower Co. (NYSE:AMT)

Point72 Asset Management L.P. lessened its position in American Tower Co. (NYSE:AMT - Free Report) by 74.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 223,104 shares of the real estate investment trust's stock after selling 652,068 shares during the period. Point72 Asset Management L.P.'s holdings in American Tower were worth $51,885,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC boosted its position in American Tower by 25.4% during 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 period. Ameriprise Financial Inc. raised its stake in shares of American Tower by 41.8% during the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust's stock valued at $1,243,333,000 after acquiring an additional 1,885,421 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of American Tower by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,208,967 shares of the real estate investment trust's stock worth $1,211,397,000 after purchasing an additional 243,061 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of American Tower by 5.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,111,335 shares of the real estate investment trust's stock worth $956,132,000 after purchasing an additional 224,261 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in American Tower by 8.9% in the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust's stock valued at $720,206,000 after purchasing an additional 302,676 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Stock Up 0.8 %

American Tower stock traded up $1.66 during midday trading on Thursday, reaching $209.16. The stock had a trading volume of 2,291,063 shares, compared to its average volume of 2,320,360. The company has a fifty day moving average price of $213.78 and a two-hundred day moving average price of $212.73. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a market capitalization of $97.74 billion, a P/E ratio of 88.25, a PEG ratio of 1.38 and a beta of 0.83.

American Tower (NYSE:AMT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 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 analyst estimates of $2.77 billion. During the same period last year, the business posted $2.58 EPS. The company's revenue was down 10.5% on a year-over-year basis. As a group, equities analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. American Tower's dividend payout ratio (DPR) is 273.42%.

Analyst Upgrades and Downgrades

AMT has been the topic of a number of analyst reports. BMO Capital Markets reduced their price target on American Tower from $255.00 to $245.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Mizuho upped their target price on American Tower from $205.00 to $221.00 and gave the company a "neutral" rating in a report on Thursday, September 12th. Wells Fargo & Company lowered shares of American Tower from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Scotiabank reduced their price objective on shares of 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, JPMorgan Chase & Co. lifted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, September 23rd. Four research 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's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $235.54.

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.