Hemenway Trust Co LLC Reduces Stake in American Tower Co. (NYSE:AMT)

Hemenway Trust Co LLC cut its holdings in shares of American Tower Co. (NYSE:AMT) by 31.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,361 shares of the real estate investment trust’s stock after selling 2,025 shares during the quarter. Hemenway Trust Co LLC’s holdings in American Tower were worth $1,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its position in American Tower by 1.6% during the first quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock valued at $12,248,812,000 after purchasing an additional 965,938 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of American Tower by 41.8% in the 2nd 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 buying an additional 1,885,421 shares during the period. Clearbridge Investments LLC boosted its stake in shares of 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 worth $720,206,000 after buying an additional 302,676 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in American Tower by 16.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after acquiring an additional 464,429 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in American Tower by 0.4% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,630,644 shares of the real estate investment trust’s stock valued at $315,868,000 after acquiring an additional 6,193 shares in the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Price Performance

NYSE AMT traded down $2.60 during trading hours on Tuesday, hitting $193.48. 207,717 shares of the company’s stock traded hands, compared to its average volume of 2,309,497. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The firm’s 50-day moving average is $225.56 and its 200-day moving average is $210.50. American Tower Co. has a 52-week low of $170.46 and a 52-week high of $243.56. The company has a market capitalization of $90.41 billion, a PE ratio of 82.73, a PEG ratio of 1.34 and a beta of 0.84.

American Tower (NYSE:AMT) last posted its quarterly 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). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. American Tower’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.58 EPS. 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 disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Ratings Changes

AMT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada increased their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. Scotiabank dropped their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. 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. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $235.85.

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.