Altman Advisors Inc. Makes New $1.78 Million Investment in American Tower Co. (NYSE:AMT)

Altman Advisors Inc. bought a new stake in American Tower Co. (NYSE:AMT) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 7,656 shares of the real estate investment trust’s stock, valued at approximately $1,780,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AMT. First Horizon Advisors Inc. lifted its holdings in American Tower by 7.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 60,173 shares of the real estate investment trust’s stock worth $13,994,000 after buying an additional 3,930 shares in the last quarter. Advisors Asset Management Inc. increased its position in American Tower by 3.6% in the third quarter. Advisors Asset Management Inc. now owns 106,750 shares of the real estate investment trust’s stock worth $24,826,000 after purchasing an additional 3,741 shares during the period. Jennison Associates LLC lifted 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 valued at $10,633,000 after purchasing an additional 687 shares during the period. Commerce Bank grew its position in shares of American Tower by 1.4% during the 3rd 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 during the period. Finally, Prospera Private Wealth LLC bought a new stake in shares of American Tower during the third quarter worth approximately $115,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

Shares of AMT opened at $200.05 on Wednesday. The company has a market cap of $93.48 billion, a price-to-earnings ratio of 84.88, a PEG ratio of 1.31 and a beta of 0.84. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The company’s fifty day simple moving average is $220.88 and its 200 day simple moving average is $211.37. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

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 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 for the quarter, compared to analyst estimates of $2.77 billion. During the same period last year, the firm earned $2.58 EPS. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. On average, research analysts forecast 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. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. This represents a $6.48 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s payout ratio is presently 273.42%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Scotiabank lowered their price objective on shares of 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. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. Finally, Mizuho raised their price target on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus 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.