Quest Partners LLC Grows Stock Holdings in American Tower Co. (NYSE:AMT)

Quest Partners LLC raised its stake in American Tower Co. (NYSE:AMT) by 412.8% in the third quarter, HoldingsChannel reports. The fund owned 7,836 shares of the real estate investment trust’s stock after purchasing an additional 6,308 shares during the period. Quest Partners LLC’s holdings in American Tower were worth $1,822,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Intech Investment Management LLC boosted its stake in shares of American Tower by 17.7% during the 1st quarter. Intech Investment Management LLC now owns 5,520 shares of the real estate investment trust’s stock worth $1,091,000 after acquiring an additional 831 shares in the last quarter. Edgestream Partners L.P. lifted its holdings in American Tower by 110.4% in the first quarter. Edgestream Partners L.P. now owns 2,321 shares of the real estate investment trust’s stock valued at $459,000 after acquiring an additional 1,218 shares during the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of American Tower by 9.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 40,273 shares of the real estate investment trust’s stock worth $7,958,000 after purchasing an additional 3,396 shares during the period. Lake Street Advisors Group LLC lifted its holdings in shares of American Tower by 201.9% in the 1st quarter. Lake Street Advisors Group LLC now owns 10,196 shares of the real estate investment trust’s stock worth $2,015,000 after acquiring an additional 6,819 shares during the last quarter. Finally, Pitcairn Co. raised its holdings in shares of American Tower by 9.1% in the 1st quarter. Pitcairn Co. now owns 5,024 shares of the real estate investment trust’s stock valued at $993,000 after buying an additional 418 shares during the period. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on AMT. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $245.00 to $230.00 in a report on Thursday, October 10th. BMO Capital Markets cut their price objective 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. Deutsche Bank Aktiengesellschaft lifted their target price on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. StockNews.com downgraded American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Scotiabank decreased their price objective on 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. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $235.54.

American Tower Trading Up 1.2 %

Shares of American Tower stock opened at $198.84 on Tuesday. The company’s fifty day moving average is $221.71 and its two-hundred day moving average is $211.24. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $92.92 billion, a P/E ratio of 83.90, a PEG ratio of 1.31 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly 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). 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 analyst estimates of $2.77 billion. During the same quarter last year, the firm earned $2.58 EPS. The business’s revenue was down 10.5% on a year-over-year basis. Analysts forecast that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Wednesday, October 9th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is presently 273.42%.

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.