GLOBALT Investments LLC GA Sells 713 Shares of American Tower Co. (NYSE:AMT)

GLOBALT Investments LLC GA lessened its position in shares of American Tower Co. (NYSE:AMT) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,092 shares of the real estate investment trust’s stock after selling 713 shares during the period. GLOBALT Investments LLC GA’s holdings in American Tower were worth $4,673,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in shares of 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 valued at $1,243,333,000 after purchasing an additional 1,885,421 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of American Tower by 8.9% during the 2nd quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after buying an additional 302,676 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in American Tower by 16.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock valued at $643,571,000 after buying an additional 464,429 shares in the last quarter. Canada Pension Plan Investment Board grew its position in American Tower by 4.7% in the second quarter. Canada Pension Plan Investment Board now owns 1,536,255 shares of the real estate investment trust’s stock valued at $298,617,000 after acquiring an additional 69,300 shares during the last quarter. Finally, ClearBridge Investments Ltd raised its stake in American Tower by 6.2% during the second quarter. ClearBridge Investments Ltd now owns 1,442,759 shares of the real estate investment trust’s stock worth $280,443,000 after acquiring an additional 84,180 shares in the last quarter. Institutional investors and hedge funds own 92.69% of the company’s stock.

Analysts Set New Price Targets

AMT has been the topic of several research reports. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Scotiabank lowered their target price 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. Royal Bank of Canada increased their target price on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Mizuho raised their price objective on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Stock Up 0.9 %

Shares of NYSE:AMT opened at $196.45 on Monday. The business’s 50-day moving average is $222.51 and its 200-day moving average is $211.10. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a market capitalization of $91.80 billion, a price-to-earnings ratio of 82.89, a P/E/G ratio of 1.31 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 (NYSE:AMT) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The business 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%. American Tower’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.58 earnings per share. Equities research analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

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.