MetLife Investment Management LLC Sells 3,498 Shares of American Tower Co. (NYSE:AMT)

MetLife Investment Management LLC decreased its holdings in American Tower Co. (NYSE:AMT) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 142,712 shares of the real estate investment trust’s stock after selling 3,498 shares during the quarter. MetLife Investment Management LLC’s holdings in American Tower were worth $33,189,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NBT Bank N A NY grew its position in shares of American Tower by 3.3% during the 2nd quarter. NBT Bank N A NY now owns 1,693 shares of the real estate investment trust’s stock worth $329,000 after purchasing an additional 54 shares in the last quarter. CX Institutional raised its stake in American Tower by 2.9% in the third quarter. CX Institutional now owns 1,933 shares of the real estate investment trust’s stock valued at $450,000 after purchasing an additional 54 shares in the last quarter. O Brien Greene & Co. Inc lifted its position in American Tower by 2.3% during the second quarter. O Brien Greene & Co. Inc now owns 2,476 shares of the real estate investment trust’s stock worth $481,000 after purchasing an additional 55 shares during the period. Palumbo Wealth Management LLC grew its stake in American Tower by 1.6% during the third quarter. Palumbo Wealth Management LLC now owns 3,714 shares of the real estate investment trust’s stock worth $864,000 after buying an additional 57 shares in the last quarter. Finally, Tyche Wealth Partners LLC increased its holdings in American Tower by 4.9% in the 2nd quarter. Tyche Wealth Partners LLC now owns 1,245 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 58 shares during the period. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Up 0.2 %

Shares of NYSE:AMT opened at $208.00 on Wednesday. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56. The stock has a market capitalization of $97.20 billion, a price-to-earnings ratio of 87.80, a PEG ratio of 1.38 and a beta of 0.84. The stock has a fifty day simple moving average of $217.47 and a two-hundred day simple moving average of $212.16. 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 issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.77 billion. During the same period last year, the firm posted $2.58 EPS. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. On average, research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on AMT. JPMorgan Chase & Co. lifted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada upped their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Scotiabank cut their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.