Northeast Investment Management Raises Position in American Tower Co. (NYSE:AMT)

Northeast Investment Management grew its holdings in shares of American Tower Co. (NYSE:AMT) by 0.5% during the third quarter, HoldingsChannel reports. The firm owned 183,625 shares of the real estate investment trust’s stock after purchasing an additional 923 shares during the quarter. American Tower accounts for approximately 1.9% of Northeast Investment Management’s investment portfolio, making the stock its 18th largest holding. Northeast Investment Management’s holdings in American Tower were worth $42,704,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Cultivar Capital Inc. purchased a new position in shares of American Tower in the 2nd quarter worth $25,000. Fortitude Family Office LLC raised its position in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 78 shares during the period. Fairscale Capital LLC purchased a new position in American Tower in the second quarter valued at about $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower in the second quarter valued at about $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in American Tower in the third quarter valued at about $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

American Tower Price Performance

Shares of American Tower stock opened at $211.26 on Monday. The firm’s 50-day moving average price is $228.14 and its two-hundred day moving average price is $209.20. The company has a current ratio of 0.69, a quick ratio of 0.81 and a debt-to-equity ratio of 3.27. The stock has a market capitalization of $98.68 billion, a price-to-earnings ratio of 89.14, a P/E/G ratio of 1.49 and a beta of 0.84. American Tower Co. has a 1-year low of $170.46 and a 1-year high of $243.56.

American Tower (NYSE:AMT) last posted 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 firm had revenue of $2.52 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. On average, equities analysts predict 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 dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is 273.42%.

Analyst Ratings Changes

Several research analysts have commented on the company. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Royal Bank of Canada raised their price objective on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Finally, BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $235.85.

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.