Victory Capital Management Inc. Sells 12,564 Shares of American Tower Co. (NYSE:AMT)

Victory Capital Management Inc. lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 7.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 166,600 shares of the real estate investment trust’s stock after selling 12,564 shares during the period. Victory Capital Management Inc.’s holdings in American Tower were worth $38,744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AMT. Cultivar Capital Inc. bought a new position in shares of American Tower during the 2nd quarter worth about $25,000. Fortitude Family Office LLC increased its stake in 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 acquiring an additional 78 shares during the period. Fairscale Capital LLC acquired a new position in American Tower in the 2nd quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower in the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the 3rd quarter worth approximately $30,000. Institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of AMT stock opened at $196.45 on Friday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The stock has a market capitalization of $91.80 billion, a PE ratio of 82.89, a PEG ratio of 1.30 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’s fifty day moving average is $222.51 and its 200-day moving average is $210.59.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the prior year, the company earned $2.58 EPS. The firm’s revenue was down 10.5% compared to the same quarter last year. Equities research analysts expect that American Tower Co. will post 10.08 EPS 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 given a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. American Tower’s payout ratio is 273.42%.

Analysts Set New Price Targets

Several brokerages recently commented on AMT. Wells Fargo & Company cut 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 report on Thursday, October 10th. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Scotiabank dropped their price target on shares of 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. JPMorgan Chase & Co. lifted their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, Mizuho increased their target price on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower currently has an average rating of “Moderate Buy” and a consensus price target of $235.85.

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.