Independent Advisor Alliance Reduces Position in American Tower Co. (NYSE:AMT)

Independent Advisor Alliance trimmed its position in American Tower Co. (NYSE:AMT) by 11.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,633 shares of the real estate investment trust’s stock after selling 455 shares during the quarter. Independent Advisor Alliance’s holdings in American Tower were worth $845,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMT. Cultivar Capital Inc. bought a new position in shares of American Tower during the second quarter valued at about $25,000. Fortitude Family Office LLC increased its stake in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares during the period. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in American Tower in the second quarter worth about $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower in the third quarter worth about $30,000. 92.69% of the stock is currently owned by institutional investors.

American Tower Trading Up 0.6 %

Shares of AMT opened at $209.31 on Thursday. 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 company has a 50 day simple moving average of $216.94 and a two-hundred day simple moving average of $212.14. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market cap of $97.81 billion, a P/E ratio of 88.32, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same period last year, the company earned $2.58 earnings per share. On average, equities analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. American Tower’s dividend payout ratio is presently 273.42%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Barclays reduced their target price on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has a consensus rating of “Moderate Buy” and a consensus price target 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.