Advisors Asset Management Inc. Raises Position in American Tower Co. (NYSE:AMT)

Advisors Asset Management Inc. boosted its position in shares of American Tower Co. (NYSE:AMT) by 3.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 106,750 shares of the real estate investment trust’s stock after buying an additional 3,741 shares during the period. Advisors Asset Management Inc.’s holdings in American Tower were worth $24,826,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cultivar Capital Inc. purchased a new stake in shares of American Tower during the second quarter worth $25,000. Fortitude Family Office LLC increased its holdings in shares of American Tower by 269.0% in the third 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 position in American Tower during the second quarter worth approximately $27,000. Hobbs Group Advisors LLC acquired a new position in American Tower during the second quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new stake in American Tower in the 3rd quarter valued at $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Royal Bank of Canada increased their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Mizuho raised their price target 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, StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Trading Up 1.2 %

NYSE:AMT opened at $201.17 on Wednesday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market cap of $94.00 billion, a P/E ratio of 84.88, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a 50-day simple moving average of $220.88 and a 200-day simple moving average of $211.37.

American Tower (NYSE:AMT) last announced 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 analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.58 earnings per share. As a group, analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is 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.