American Tower Co. (NYSE:AMT) Stock Holdings Reduced by M&G Plc

M&G Plc lowered its position in American Tower Co. (NYSE:AMT) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 635,885 shares of the real estate investment trust’s stock after selling 142,178 shares during the quarter. American Tower makes up approximately 0.8% of M&G Plc’s holdings, making the stock its 29th biggest position. M&G Plc owned about 0.14% of American Tower worth $148,161,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Norden Group LLC acquired a new stake in shares of American Tower in the first quarter worth about $463,000. Larson Financial Group LLC lifted its position in shares of American Tower by 72.6% in the first quarter. Larson Financial Group LLC now owns 202 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 85 shares during the last quarter. SPC Financial Inc. lifted its position in shares of American Tower by 12.4% in the first quarter. SPC Financial Inc. now owns 2,090 shares of the real estate investment trust’s stock worth $413,000 after buying an additional 231 shares during the last quarter. Manchester Capital Management LLC lifted its position in shares of American Tower by 7.0% in the first quarter. Manchester Capital Management LLC now owns 1,567 shares of the real estate investment trust’s stock worth $310,000 after buying an additional 103 shares during the last quarter. Finally, Advisory Services Network LLC lifted its position in shares of American Tower by 17.7% in the first quarter. Advisory Services Network LLC now owns 31,749 shares of the real estate investment trust’s stock worth $6,273,000 after buying an additional 4,775 shares during the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AMT shares. TD Cowen boosted their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft boosted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. boosted their price objective on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Scotiabank cut their price objective on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Four investment 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.85.

American Tower Trading Down 7.7 %

AMT stock opened at $197.41 on Thursday. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56. The firm has a market cap of $92.21 billion, a P/E ratio of 83.30, a P/E/G ratio of 1.48 and a beta of 0.84. The business’s 50 day moving average is $227.07 and its 200-day moving average is $209.71. 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 released its quarterly earnings data 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 company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the company posted $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. Equities analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.28%. American Tower’s dividend payout ratio is currently 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.