Independent Advisor Alliance Sells 455 Shares of American Tower Co. (NYSE:AMT)

Independent Advisor Alliance trimmed its stake in American Tower Co. (NYSE:AMT) by 11.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,633 shares of the real estate investment trust’s stock after selling 455 shares during the quarter. Independent Advisor Alliance’s holdings in American Tower were worth $845,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Cultivar Capital Inc. purchased a new stake in American Tower during the second quarter valued at approximately $25,000. Fortitude Family Office LLC lifted its holdings in shares of American Tower by 269.0% during the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new position in American Tower during the 2nd quarter worth $27,000. Hobbs Group Advisors LLC purchased a new stake in American Tower in the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in American Tower in the third quarter worth about $30,000. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.6 %

AMT opened at $209.31 on Thursday. 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. The business’s 50-day simple moving average is $216.94 and its 200-day simple moving average is $212.14. The company has a market cap of $97.81 billion, a P/E ratio of 88.32, a PEG ratio of 1.38 and a beta of 0.84.

American Tower (NYSE:AMT) last announced its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS for the quarter, missing analysts’ consensus estimates 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 business’s revenue was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.58 earnings per share. As a group, equities research analysts expect that American Tower Co. will post 10.08 EPS 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 paid a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio (DPR) is 273.42%.

Wall Street Analyst Weigh In

Several analysts have weighed in on AMT shares. BMO Capital Markets dropped their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Barclays dropped their price target on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Finally, Wells Fargo & Company cut 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 note on Thursday, October 10th. Four 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, American Tower has an average rating of “Moderate Buy” and a consensus target price 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.