TCW Group Inc. Trims Position in American Tower Co. (NYSE:AMT)

TCW Group Inc. cut its holdings in shares of American Tower Co. (NYSE:AMT) by 19.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 430,246 shares of the real estate investment trust’s stock after selling 100,929 shares during the quarter. TCW Group Inc. owned approximately 0.09% of American Tower worth $100,058,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Balentine LLC purchased a new position in American Tower in the 3rd quarter worth approximately $586,000. Point72 Hong Kong Ltd bought a new stake in shares of American Tower during the third quarter valued at approximately $1,156,000. Czech National Bank raised its position in shares of American Tower by 6.9% during the third quarter. Czech National Bank now owns 95,149 shares of the real estate investment trust’s stock valued at $22,128,000 after buying an additional 6,163 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in shares of American Tower by 46.8% in the third quarter. Banque Cantonale Vaudoise now owns 25,715 shares of the real estate investment trust’s stock worth $5,980,000 after buying an additional 8,195 shares in the last quarter. Finally, Savvy Advisors Inc. boosted its position in shares of American Tower by 268.2% during the third quarter. Savvy Advisors Inc. now owns 4,463 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 3,251 shares during the last quarter. Institutional investors own 92.69% of the company’s stock.

American Tower Stock Down 4.5 %

Shares of AMT opened at $199.58 on Wednesday. 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 52-week low of $170.46 and a 52-week high of $243.56. The company has a market cap of $93.26 billion, a PE ratio of 84.21, a P/E/G ratio of 1.38 and a beta of 0.83. The business has a fifty day moving average of $212.85 and a 200 day moving average of $213.27.

American Tower (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.45 by ($1.56). The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. American Tower’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.58 EPS. On average, sell-side analysts expect that American Tower Co. will post 10.08 EPS for the current year.

American Tower Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, December 27th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.25%. American Tower’s dividend payout ratio is 273.42%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AMT. Scotiabank reduced their price target 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. JPMorgan Chase & Co. boosted their target price on American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft raised their price target on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Barclays reduced their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a research note on Monday, November 18th. Finally, Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $235.54.

About American Tower

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.