2,518 Shares in American Tower Co. (NYSE:AMT) Bought by Balentine LLC

Balentine LLC acquired a new stake in shares of American Tower Co. (NYSE:AMT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,518 shares of the real estate investment trust’s stock, valued at approximately $586,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AMT. Ameriprise Financial Inc. raised its position in 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 worth $1,243,333,000 after purchasing an additional 1,885,421 shares during the period. Pathway Financial Advisers LLC raised its holdings in shares of American Tower by 23,224.1% in the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock worth $231,941,000 after buying an additional 993,061 shares during the period. Vanguard Group Inc. lifted its stake in shares of American Tower by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 61,991,053 shares of the real estate investment trust’s stock worth $12,248,812,000 after acquiring an additional 965,938 shares during the last quarter. M&G Plc purchased a new position in American Tower during the 1st quarter valued at $164,300,000. Finally, International Assets Investment Management LLC grew its position in American Tower by 22,242.7% in the 3rd quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock valued at $1,811,330,000 after acquiring an additional 775,379 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of American Tower stock opened at $213.86 on Wednesday. The company has a market capitalization of $99.89 billion, a PE ratio of 90.24, a P/E/G ratio of 1.48 and a beta of 0.84. The company has a 50-day simple moving average of $227.63 and a two-hundred day simple moving average of $209.79. American Tower Co. has a one year low of $170.46 and a one year high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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 firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.58 EPS. Research analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a yield of 3.03%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Ratings Changes

A number of analysts have recently issued reports on AMT shares. 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. JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. BMO Capital Markets reduced their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Scotiabank lowered their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. Finally, Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, American Tower presently has a consensus rating of “Moderate Buy” and an average price target 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.