American Tower Co. (NYSE:AMT) Shares Sold by Brooklyn Investment Group

Brooklyn Investment Group lessened its holdings in shares of American Tower Co. (NYSE:AMT) by 4.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 3,464 shares of the real estate investment trust’s stock after selling 177 shares during the period. Brooklyn Investment Group’s holdings in American Tower were worth $806,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Balentine LLC purchased a new stake in shares of American Tower during the 3rd quarter worth approximately $586,000. Czech National Bank lifted its position in American Tower by 6.9% in the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock valued at $22,128,000 after acquiring an additional 6,163 shares during the last quarter. Tidal Investments LLC boosted its stake in American Tower by 27.7% in the first quarter. Tidal Investments LLC now owns 20,401 shares of the real estate investment trust’s stock valued at $4,029,000 after acquiring an additional 4,430 shares in the last quarter. Cetera Advisors LLC grew its holdings in shares of American Tower by 29.0% during the first quarter. Cetera Advisors LLC now owns 41,284 shares of the real estate investment trust’s stock worth $8,157,000 after purchasing an additional 9,275 shares during the last quarter. Finally, Banque Cantonale Vaudoise increased its position in shares of American Tower by 46.8% during the third quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock worth $5,980,000 after purchasing an additional 8,195 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMT. Deutsche Bank Aktiengesellschaft upped their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Mizuho upped their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. TD Cowen raised their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Scotiabank dropped their price objective on shares of 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 equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $235.54.

American Tower Stock Performance

Shares of NYSE AMT opened at $207.55 on Tuesday. The company has a 50-day simple moving average of $218.10 and a 200-day simple moving average of $211.99. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $96.99 billion, a PE ratio of 87.59, a price-to-earnings-growth ratio of 1.36 and a beta of 0.84. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56.

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 for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.77 billion. During the same period in the prior year, the company earned $2.58 EPS. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

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 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 273.42%.

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.