Lincluden Management Ltd. Lowers Stake in American Tower Co. (NYSE:AMT)

Lincluden Management Ltd. cut its position in shares of American Tower Co. (NYSE:AMT) by 12.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,644 shares of the real estate investment trust’s stock after selling 3,453 shares during the quarter. Lincluden Management Ltd.’s holdings in American Tower were worth $5,499,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of AMT. Cultivar Capital Inc. purchased a new stake in American Tower in the second quarter valued at approximately $25,000. Fortitude Family Office LLC lifted its position 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 worth $25,000 after purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new position in shares of American Tower during the second quarter worth $27,000. Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in American Tower in the third quarter valued at $30,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMT has been the topic of several recent analyst reports. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. TD Cowen boosted their target price on shares of American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, BMO Capital Markets lowered their price target on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday. Four 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 company’s stock. Based on data from MarketBeat, American Tower currently has an average rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Stock Performance

NYSE:AMT opened at $213.54 on Friday. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a current ratio of 0.69, a quick ratio of 0.81 and a debt-to-equity ratio of 3.27. The company has a 50-day moving average of $228.45 and a 200-day moving average of $208.46. The firm has a market cap of $99.74 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 (NYSE:AMT) last posted its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the business posted $2.58 EPS. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. Analysts forecast that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is 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.