Legal & General Group Plc raised its stake in shares of American Tower Corp (NYSE:AMT) by 0.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,738,220 shares of the real estate investment trust’s stock after buying an additional 16,232 shares during the period. Legal & General Group Plc’s holdings in American Tower were worth $397,864,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AMT. Mount Yale Investment Advisors LLC raised its holdings in American Tower by 354.4% during the second quarter. Mount Yale Investment Advisors LLC now owns 718 shares of the real estate investment trust’s stock valued at $104,000 after buying an additional 560 shares in the last quarter. TLP Group LLC bought a new position in American Tower during the third quarter valued at about $113,000. Point72 Hong Kong Ltd bought a new position in American Tower during the third quarter valued at about $142,000. Valeo Financial Advisors LLC raised its holdings in American Tower by 75.0% during the second quarter. Valeo Financial Advisors LLC now owns 1,029 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 441 shares in the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of American Tower in the third quarter worth about $157,000. Institutional investors own 93.16% of the company’s stock.
AMT has been the topic of a number of recent analyst reports. Barclays lifted their price objective on American Tower from $156.00 to $164.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 31st. Citigroup downgraded American Tower from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $161.00 to $176.00 in a research report on Wednesday, October 31st. Bank of America set a $172.00 target price on American Tower and gave the stock a “buy” rating in a research report on Wednesday, October 31st. Wells Fargo & Co lifted their price objective on American Tower from $173.00 to $176.00 and gave the company an “outperform” rating in a report on Friday, November 16th. Finally, KeyCorp lifted their price objective on American Tower from $165.00 to $170.00 and gave the company an “overweight” rating in a report on Wednesday, October 31st. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $165.94.
Shares of American Tower stock opened at $162.31 on Wednesday. The firm has a market cap of $70.89 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 1.55 and a beta of 0.62. American Tower Corp has a 52 week low of $130.37 and a 52 week high of $168.58. The company has a debt-to-equity ratio of 3.11, a current ratio of 0.72 and a quick ratio of 0.72.
American Tower (NYSE:AMT) last issued its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.83 EPS for the quarter, beating the consensus estimate of $0.81 by $0.02. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.76 billion. American Tower had a net margin of 17.07% and a return on equity of 18.55%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 EPS. As a group, sell-side analysts forecast that American Tower Corp will post 7.58 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 14th. Shareholders of record on Thursday, December 27th will be given a dividend of $0.84 per share. This is a boost from American Tower’s previous quarterly dividend of $0.79. The ex-dividend date is Wednesday, December 26th. This represents a $3.36 annualized dividend and a dividend yield of 2.07%. American Tower’s payout ratio is presently 49.53%.
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 170,000 communications sites.
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