Longfellow Investment Management Co. LLC Lowers Holdings in American Tower Co. (NYSE:AMT)

Longfellow Investment Management Co. LLC cut its holdings in shares of American Tower Co. (NYSE:AMT) by 20.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,778 shares of the real estate investment trust’s stock after selling 697 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in American Tower were worth $646,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

AMT has been the subject of a number of analyst reports. Scotiabank lowered their target price on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research note on Wednesday, October 30th. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. BMO Capital Markets cut their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. TD Cowen upped their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $245.00 to $230.00 in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $235.54.

American Tower Price Performance

Shares of NYSE:AMT opened at $206.35 on Monday. 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 company has a 50-day simple moving average of $218.75 and a 200-day simple moving average of $211.84. The stock has a market capitalization of $96.43 billion, a price-to-earnings ratio of 86.21, a PEG ratio of 1.36 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 earnings per share for the quarter, missing the consensus estimate of $2.45 by ($1.56). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the business posted $2.58 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The company 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 3.14%. American Tower’s payout ratio is currently 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.