Pacer Advisors Inc. Lowers Holdings in American Tower Co. (NYSE:AMT)

Pacer Advisors Inc. reduced its stake in shares of American Tower Co. (NYSE:AMT) by 10.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 323,116 shares of the real estate investment trust’s stock after selling 35,943 shares during the period. Pacer Advisors Inc.’s holdings in American Tower were worth $75,144,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Ameriprise Financial Inc. grew its stake in shares of American Tower by 41.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after buying an additional 1,885,421 shares during the period. Pathway Financial Advisers LLC grew its position in American Tower by 23,224.1% during the third quarter. Pathway Financial Advisers LLC now owns 997,337 shares of the real estate investment trust’s stock valued at $231,941,000 after acquiring an additional 993,061 shares during the period. International Assets Investment Management LLC increased its stake in American Tower by 22,242.7% during the third quarter. International Assets Investment Management LLC now owns 778,865 shares of the real estate investment trust’s stock worth $1,811,330,000 after acquiring an additional 775,379 shares during the last quarter. Swedbank AB purchased a new position in shares of American Tower in the 1st quarter worth about $123,861,000. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of American Tower by 16.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock valued at $643,571,000 after purchasing an additional 464,429 shares in the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMT. JPMorgan Chase & Co. increased their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. BMO Capital Markets cut 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 note on Wednesday, October 30th. Mizuho upped 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. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Four investment 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Stock Up 1.1 %

AMT stock opened at $203.18 on Friday. 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 firm has a 50 day simple moving average of $219.44 and a 200-day simple moving average of $211.24. The company has a market capitalization of $94.94 billion, a P/E ratio of 85.73, a PEG ratio of 1.34 and a beta of 0.84. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last released its 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 return on equity of 22.01% and a net margin of 10.05%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the firm posted $2.58 EPS. American Tower’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, equities research analysts predict 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. Stockholders of record on Wednesday, October 9th were given a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.19%. 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.