Edgewood Management LLC Reduces Holdings in American Tower Co. (NYSE:AMT)

Edgewood Management LLC trimmed its stake in American Tower Co. (NYSE:AMT) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,790 shares of the real estate investment trust’s stock after selling 1,083 shares during the period. American Tower accounts for about 0.0% of Edgewood Management LLC’s investment portfolio, making the stock its 28th biggest holding. Edgewood Management LLC’s holdings in American Tower were worth $14,137,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortitude Family Office LLC lifted 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 purchasing an additional 78 shares during the period. Fairscale Capital LLC bought a new position in shares of American Tower in the 2nd quarter worth about $27,000. Northwest Investment Counselors LLC bought a new position in shares of American Tower in the 3rd quarter worth about $30,000. Cultivar Capital Inc. bought a new position in shares of American Tower in the 2nd quarter worth about $25,000. Finally, Hara Capital LLC bought a new position in shares of American Tower in the 3rd quarter worth about $31,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Up 1.1 %

Shares of AMT stock opened at $203.18 on Friday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a 50 day simple moving average of $219.44 and a two-hundred day simple moving average of $211.24. The stock has a market cap of $94.94 billion, a P/E ratio of 85.73, a P/E/G ratio of 1.34 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27.

American Tower (NYSE:AMT) last released its 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 return on equity of 22.01% and a net margin of 10.05%. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the business posted $2.58 EPS. American Tower’s revenue was down 10.5% on a year-over-year basis. On average, research analysts expect that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 273.42%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Royal Bank of Canada increased their price target on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. StockNews.com lowered shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Wells Fargo & Company lowered shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Barclays lowered their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday. 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $235.54.

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.