Sompo Asset Management Co. Ltd. Takes Position in American Tower Co. (NYSE:AMT)

Sompo Asset Management Co. Ltd. acquired a new position in American Tower Co. (NYSE:AMT) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 940 shares of the real estate investment trust’s stock, valued at approximately $219,000.

Several other hedge funds have also modified their holdings of the company. Cultivar Capital Inc. acquired a new position in American Tower in the 2nd quarter worth approximately $25,000. Fortitude Family Office LLC increased its stake in shares of 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 worth $25,000 after acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC acquired a new stake in shares of American Tower during the 2nd quarter worth about $27,000. Hobbs Group Advisors LLC acquired a new stake in shares of American Tower during the 2nd quarter worth about $29,000. Finally, Northwest Investment Counselors LLC acquired a new position in American Tower in the 3rd quarter valued at about $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

NYSE AMT opened at $204.31 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 fifty-two week low of $170.46 and a fifty-two week high of $243.56. The stock has a market cap of $95.47 billion, a PE ratio of 86.21, a PEG ratio of 1.36 and a beta of 0.84. The firm’s fifty day moving average price is $218.75 and its two-hundred day moving average price is $211.84.

American Tower (NYSE:AMT) last announced its quarterly 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 business had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the previous year, the business posted $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. On average, equities analysts expect that American Tower Co. will post 10.08 EPS 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 issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Barclays cut their price objective on American Tower from $255.00 to $251.00 and set an “overweight” rating on the stock in a report on Monday, November 18th. 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 report on Wednesday, October 30th. Finally, Scotiabank decreased their target price on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a research report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and a consensus price target of $235.54.

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.