Baillie Gifford & Co. Sells 39,450 Shares of American Tower Co. (NYSE:AMT)

Baillie Gifford & Co. reduced its position in shares of American Tower Co. (NYSE:AMT) by 25.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 118,335 shares of the real estate investment trust’s stock after selling 39,450 shares during the quarter. Baillie Gifford & Co.’s holdings in American Tower were worth $27,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Patron Partners LLC boosted its stake in American Tower by 4.0% in the third quarter. Patron Partners LLC now owns 3,372 shares of the real estate investment trust’s stock valued at $784,000 after acquiring an additional 131 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of American Tower in the 3rd quarter valued at $4,846,000. Nations Financial Group Inc. IA ADV boosted its position in shares of American Tower by 5.7% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 5,794 shares of the real estate investment trust’s stock worth $1,347,000 after purchasing an additional 315 shares during the last quarter. Cottonwood Capital Advisors LLC acquired a new stake in shares of American Tower during the third quarter worth $214,000. Finally, Jag Capital Management LLC lifted its stake in American Tower by 2.4% in the third quarter. Jag Capital Management LLC now owns 10,449 shares of the real estate investment trust’s stock valued at $2,430,000 after buying an additional 243 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AMT shares. Scotiabank decreased their target price 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. BMO Capital Markets lowered their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Mizuho lifted their price target on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. upped their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada lifted their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.85.

American Tower Trading Down 1.2 %

NYSE AMT opened at $193.72 on Wednesday. The stock has a market capitalization of $90.52 billion, a price-to-earnings ratio of 81.74, a PEG ratio of 1.31 and a beta of 0.84. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The stock’s 50 day moving average price is $225.56 and its two-hundred day moving average price is $210.50. 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 (NYSE:AMT) last announced its 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). 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 analyst estimates of $2.77 billion. During the same quarter in the previous year, the company posted $2.58 EPS. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, 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 issued a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio 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.