Portside Wealth Group LLC Increases Position in American Tower Co. (NYSE:AMT)

Portside Wealth Group LLC lifted its holdings in American Tower Co. (NYSE:AMT) by 1.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,695 shares of the real estate investment trust’s stock after buying an additional 81 shares during the quarter. Portside Wealth Group LLC’s holdings in American Tower were worth $1,324,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Cultivar Capital Inc. bought a new position in shares of American Tower in the second quarter worth about $25,000. Fortitude Family Office LLC boosted its position in American Tower by 269.0% in the 3rd quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 78 shares during the period. Fairscale Capital LLC bought a new position in American Tower in the 2nd quarter worth about $27,000. Hobbs Group Advisors LLC purchased a new position in shares of American Tower during the second quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of American Tower during the third 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

Several brokerages recently issued reports on AMT. BMO Capital Markets dropped their price objective on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Royal Bank of Canada lifted their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Scotiabank dropped their target price 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, Mizuho boosted their price target on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Price Performance

Shares of AMT opened at $197.87 on Friday. The company has a 50 day moving average of $227.07 and a two-hundred day moving average of $209.71. The company has a market cap of $92.46 billion, a price-to-earnings ratio of 83.49, a price-to-earnings-growth ratio of 1.38 and a beta of 0.84. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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). The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.58 EPS. As a group, analysts predict that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The business also recently announced 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. This represents a $6.48 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 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.