New York State Common Retirement Fund Has $134.54 Million Stock Position in American Tower Co. (NYSE:AMT)

New York State Common Retirement Fund trimmed its stake in American Tower Co. (NYSE:AMT) by 7.0% during the third quarter, Holdings Channel reports. The fund 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’s holdings in American Tower were worth $134,538,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of AMT. Kovack Advisors Inc. increased its stake in shares of American Tower by 11.5% in the first quarter. Kovack Advisors Inc. now owns 1,649 shares of the real estate investment trust’s stock worth $326,000 after purchasing an additional 170 shares during the period. Norden Group LLC bought a new position in American Tower during the first quarter worth $463,000. Private Advisor Group LLC boosted its holdings in American Tower by 11.4% in the 1st quarter. Private Advisor Group LLC now owns 83,021 shares of the real estate investment trust’s stock valued at $16,404,000 after purchasing an additional 8,517 shares during the period. Diversify Advisory Services LLC bought a new position in shares of American Tower during the 1st quarter worth about $524,000. Finally, Mission Wealth Management LP increased its position in shares of American Tower by 4.4% during the first quarter. Mission Wealth Management LP now owns 1,799 shares of the real estate investment trust’s stock valued at $356,000 after purchasing an additional 76 shares during the period. 92.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday. BMO Capital Markets reduced their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday. Mizuho raised their target price on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Finally, TD Cowen upped their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Trading Up 0.8 %

NYSE:AMT traded up $1.78 during trading hours on Friday, hitting $215.32. 342,312 shares of the company were exchanged, compared to its average volume of 2,266,747. The stock has a market capitalization of $100.57 billion, a price-to-earnings ratio of 90.10, a price-to-earnings-growth ratio of 1.04 and a beta of 0.83. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The company has a fifty day simple moving average of $228.45 and a 200 day simple moving average of $208.46. The company has a current ratio of 0.69, a quick ratio of 0.81 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS 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 business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the business earned $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. Sell-side analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

About American Tower

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.