Sumitomo Mitsui Trust Group Inc. Reduces Stock Position in American Tower Co. (NYSE:AMT)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of American Tower Co. (NYSE:AMT) by 0.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,247,506 shares of the real estate investment trust’s stock after selling 2,298 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in American Tower were worth $290,120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of AMT. Cultivar Capital Inc. purchased a new stake in American Tower during the second quarter worth $25,000. Fortitude Family Office LLC boosted its position in shares of American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in American Tower in the 2nd quarter valued at about $27,000. Hobbs Group Advisors LLC acquired a new position in American Tower during the second quarter worth about $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in American Tower during the 3rd quarter valued at $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Scotiabank lowered their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Barclays increased their target price on American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Four investment 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, American Tower has an average rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Trading Down 2.8 %

NYSE:AMT opened at $196.08 on Tuesday. The business’s 50-day moving average is $225.56 and its two-hundred day moving average is $210.50. The firm has a market capitalization of $91.63 billion, a PE ratio of 82.73, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

American Tower (NYSE:AMT) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company posted $2.58 EPS. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. Research analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. American Tower’s dividend payout ratio (DPR) 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.