Davis R M Inc. Cuts Stock Position in American Tower Co. (NYSE:AMT)

Davis R M Inc. trimmed its position in American Tower Co. (NYSE:AMT) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,156 shares of the real estate investment trust’s stock after selling 4,150 shares during the period. American Tower makes up about 1.3% of Davis R M Inc.’s holdings, making the stock its 23rd biggest position. Davis R M Inc. owned approximately 0.06% of American Tower worth $69,339,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. 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 purchasing an additional 78 shares in the last quarter. Fairscale Capital LLC acquired a new stake in shares of American Tower in the 2nd quarter valued at approximately $27,000. Northwest Investment Counselors LLC purchased a new stake in shares of American Tower during the 3rd quarter worth $30,000. Cultivar Capital Inc. acquired a new position in American Tower during the second quarter worth about $25,000. Finally, Hara Capital LLC acquired a new stake in American Tower in the third quarter valued at $31,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Stock Performance

Shares of NYSE:AMT opened at $204.31 on Monday. The business’s 50-day simple moving average is $218.75 and its 200 day simple moving average is $211.84. The company has a market cap of $95.47 billion, a P/E ratio of 86.21, a PEG ratio of 1.36 and a beta of 0.84. 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 Co. has a one year low of $170.46 and a one year high of $243.56.

American Tower (NYSE:AMT) last announced its earnings results 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 net margin of 10.05% and a return on equity of 22.01%. The firm had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the company posted $2.58 earnings per share. American Tower’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders 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 dividend yield of 3.17%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating for the company in a research note on Monday, November 18th. Mizuho boosted their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Scotiabank reduced their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.