Fifth Third Wealth Advisors LLC Buys 1,306 Shares of American Tower Co. (NYSE:AMT)

Fifth Third Wealth Advisors LLC lifted its stake in American Tower Co. (NYSE:AMT) by 13.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,124 shares of the real estate investment trust’s stock after acquiring an additional 1,306 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in American Tower were worth $2,587,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in shares of American Tower in the 2nd quarter valued at about $25,000. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 78 shares in the last quarter. Fairscale Capital LLC purchased a new stake in American Tower during the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at approximately $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in American Tower in the third quarter worth $30,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

American Tower Trading Up 1.2 %

NYSE AMT opened at $198.84 on Tuesday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market capitalization of $92.92 billion, a PE ratio of 83.90, a P/E/G ratio of 1.31 and a beta of 0.84. The company has a fifty day moving average of $221.71 and a 200 day moving average of $211.24.

American Tower (NYSE:AMT) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period last year, the firm earned $2.58 EPS. Research analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders 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 dividend yield of 3.26%. American Tower’s payout ratio is 273.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Royal Bank of Canada raised their price target on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. BMO Capital Markets cut their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Scotiabank cut their price target on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $235.54.

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.