State of New Jersey Common Pension Fund D Has $51.35 Million Stock Position in American Tower Co. (NYSE:AMT)

State of New Jersey Common Pension Fund D grew its holdings in American Tower Co. (NYSE:AMT) by 0.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 220,781 shares of the real estate investment trust’s stock after purchasing an additional 417 shares during the period. State of New Jersey Common Pension Fund D’s holdings in American Tower were worth $51,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in shares of American Tower during the 2nd quarter worth about $25,000. Fortitude Family Office LLC raised its holdings in American Tower by 269.0% during the third 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 acquired a new position in American Tower during the second quarter valued at approximately $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower during the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the 3rd quarter worth approximately $30,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price 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. 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. Deutsche Bank Aktiengesellschaft lifted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, BMO Capital Markets dropped their price target on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Four equities 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $235.85.

American Tower Price Performance

Shares of AMT stock traded up $3.93 during trading on Friday, hitting $201.80. The company had a trading volume of 3,981,626 shares, compared to its average volume of 2,433,520. The firm has a market capitalization of $94.30 billion, a P/E ratio of 85.15, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84. American Tower Co. has a one year low of $170.46 and a one year 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. The stock’s 50-day moving average price is $226.12 and its 200 day moving average price is $210.08.

American Tower (NYSE:AMT) last released its earnings results 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). American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the company posted $2.58 earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. Equities analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.21%. American Tower’s dividend payout ratio (DPR) is 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.