Kirtland Hills Capital Management LLC Sells 1,025 Shares of American Tower Co. (NYSE:AMT)

Kirtland Hills Capital Management LLC trimmed its stake in shares of American Tower Co. (NYSE:AMT) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,955 shares of the real estate investment trust’s stock after selling 1,025 shares during the quarter. American Tower comprises approximately 0.7% of Kirtland Hills Capital Management LLC’s investment portfolio, making the stock its 29th biggest position. Kirtland Hills Capital Management LLC’s holdings in American Tower were worth $1,617,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC boosted its position in American Tower by 1.5% during the 3rd quarter. Jennison Associates LLC now owns 45,720 shares of the real estate investment trust’s stock worth $10,633,000 after buying an additional 687 shares during the period. Commerce Bank grew its position in American Tower by 1.4% during the third quarter. Commerce Bank now owns 18,168 shares of the real estate investment trust’s stock worth $4,225,000 after buying an additional 245 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of American Tower during the 3rd quarter valued at about $115,000. Premier Fund Managers Ltd raised its stake in shares of American Tower by 21.2% during the third quarter. Premier Fund Managers Ltd now owns 107,101 shares of the real estate investment trust’s stock valued at $24,661,000 after acquiring an additional 18,753 shares during the last quarter. Finally, West Family Investments Inc. lifted its holdings in American Tower by 16.1% in the third quarter. West Family Investments Inc. now owns 1,381 shares of the real estate investment trust’s stock worth $321,000 after buying an additional 191 shares during the period. Institutional investors and hedge funds own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AMT. TD Cowen upped their target price on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Finally, Barclays lowered their target price on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday. 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 presently has a consensus rating of “Moderate Buy” and an average target price of $235.54.

American Tower Stock Up 1.2 %

Shares of AMT opened at $201.17 on Wednesday. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The stock has a market capitalization of $94.00 billion, a price-to-earnings ratio of 84.88, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. The business’s 50 day simple moving average is $220.88 and its 200-day simple moving average is $211.37.

American Tower (NYSE:AMT) last announced its quarterly 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 company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter in the prior year, the business posted $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 expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 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.