Moors & Cabot Inc. Acquires 229 Shares of American Tower Co. (NYSE:AMT)

Moors & Cabot Inc. lifted its holdings in shares of American Tower Co. (NYSE:AMT) by 9.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,725 shares of the real estate investment trust’s stock after buying an additional 229 shares during the period. Moors & Cabot Inc.’s holdings in American Tower were worth $637,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AMT. Ameriprise Financial Inc. boosted its position in American Tower by 41.8% during the second 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 during the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of American Tower by 23,224.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after buying an additional 993,061 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of American Tower by 22,242.7% in the third 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 buying an additional 775,379 shares in the last quarter. Swedbank AB acquired a new position in American Tower during the first quarter worth $123,861,000. Finally, Massachusetts Financial Services Co. MA raised its position in American Tower by 16.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock worth $643,571,000 after acquiring an additional 464,429 shares in the last quarter. Institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. BMO Capital Markets decreased their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Scotiabank dropped their price target on 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 analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Up 0.7 %

AMT opened at $204.32 on Friday. The stock has a fifty day moving average of $218.75 and a 200-day moving average of $211.42. The company has a market capitalization of $95.48 billion, a P/E ratio of 86.21, a P/E/G ratio of 1.34 and a beta of 0.84. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week 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 issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the firm earned $2.58 EPS. American Tower’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, equities analysts expect that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

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.