Point72 Asset Management L.P. Trims Stock Position in American Tower Co. (NYSE:AMT)

Point72 Asset Management L.P. lowered its stake in American Tower Co. (NYSE:AMT) by 74.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 223,104 shares of the real estate investment trust’s stock after selling 652,068 shares during the quarter. Point72 Asset Management L.P.’s holdings in American Tower were worth $51,885,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Balentine LLC purchased a new position in shares of American Tower during the third quarter valued at $586,000. Point72 Hong Kong Ltd bought a new position in American Tower in the 3rd quarter worth approximately $1,156,000. Czech National Bank raised its position in American Tower by 6.9% in the 3rd quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock worth $22,128,000 after purchasing an additional 6,163 shares during the last quarter. Banque Cantonale Vaudoise grew its holdings in American Tower by 46.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock worth $5,980,000 after acquiring an additional 8,195 shares during the period. Finally, Savvy Advisors Inc. grew its holdings in American Tower by 268.2% during the 3rd quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 3,251 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Stock Performance

NYSE AMT opened at $207.51 on Thursday. The company has a fifty day moving average of $214.24 and a two-hundred day moving average of $212.75. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. 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 capitalization of $96.97 billion, a PE ratio of 87.55, a P/E/G ratio of 1.38 and a beta of 0.83.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing the consensus estimate of $2.45 by ($1.56). The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 earnings per share. As a group, analysts expect that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Barclays cut their price objective on shares of American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research report on Monday, November 18th. Royal Bank of Canada raised their price target on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price target on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.54.

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.