Prestige Wealth Management Group LLC Increases Position in American Tower Co. (NYSE:AMT)

Prestige Wealth Management Group LLC grew its stake in shares of American Tower Co. (NYSE:AMT - Free Report) by 6,257.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,976 shares of the real estate investment trust's stock after acquiring an additional 5,882 shares during the quarter. Prestige Wealth Management Group LLC's holdings in American Tower were worth $1,390,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Fortitude Family Office LLC increased its position in shares of 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 valued at $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter valued at approximately $27,000. Northwest Investment Counselors LLC bought a new position in American Tower in the third quarter worth approximately $30,000. Cultivar Capital Inc. purchased a new position in shares of American Tower during the 2nd quarter worth $25,000. Finally, Hara Capital LLC purchased a new stake in shares of American Tower in the 3rd quarter worth $31,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMT has been the subject of several analyst reports. StockNews.com lowered shares of American Tower from a "buy" rating to a "hold" rating in a report on Wednesday, October 30th. Barclays lowered their price target on American Tower from $255.00 to $251.00 and set an "overweight" rating on the stock in a report on Monday, November 18th. Scotiabank cut their price objective on American Tower from $248.00 to $236.00 and set a "sector outperform" rating for the company in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their target price on American Tower from $225.00 to $236.00 and gave the stock an "outperform" rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company downgraded American Tower from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $235.54.

American Tower Stock Down 3.6 %

NYSE AMT traded down $7.53 during trading on Tuesday, hitting $201.51. The company's stock had a trading volume of 1,400,168 shares, compared to its average volume of 2,319,971. The business's 50 day simple moving average is $212.85 and its 200-day simple moving average is $213.27. The company has a market cap of $94.16 billion, a PE ratio of 88.19, a P/E/G ratio of 1.38 and a beta of 0.83. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56.

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 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 company had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.77 billion. During the same period last year, the firm earned $2.58 earnings per share. American Tower's quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, December 27th will be given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Friday, December 27th. American Tower's dividend 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.