Cypress Capital Group Sells 548 Shares of American Tower Co. (NYSE:AMT)

Cypress Capital Group cut its position in shares of American Tower Co. (NYSE:AMT) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,457 shares of the real estate investment trust’s stock after selling 548 shares during the period. Cypress Capital Group’s holdings in American Tower were worth $1,967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMT. Cultivar Capital Inc. bought a new position in American Tower in the 2nd quarter valued at $25,000. Fortitude Family Office LLC grew 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 valued at $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC acquired a new stake in American Tower during the 2nd quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new position in shares of American Tower in the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in American Tower in the 3rd quarter valued at $30,000. Institutional investors own 92.69% of the company’s stock.

Wall Street Analysts Forecast Growth

AMT has been the subject of several recent research reports. Scotiabank lowered their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted 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. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Stock Performance

Shares of NYSE:AMT opened at $200.88 on Thursday. The company has a 50-day moving average price of $220.12 and a 200-day moving average price of $211.30. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The company has a market cap of $93.87 billion, a price-to-earnings ratio of 84.76, a price-to-earnings-growth 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 issued its quarterly 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 business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the business earned $2.58 earnings per share. The firm’s revenue was down 10.5% compared to the same quarter last year. As a group, equities analysts anticipate that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 273.42%.

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.