American Tower Co. (NYSE:AMT) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC reduced its position in American Tower Co. (NYSE:AMT – Get Rating) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 82,624 shares of the real estate investment trust’s stock after selling 284 shares during the quarter. New York Life Investment Management LLC’s holdings in American Tower were worth $17,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Cottage Street Advisors LLC increased its holdings in American Tower by 17,322.3% in the 4th quarter. Cottage Street Advisors LLC now owns 1,495,527 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 1,486,943 shares in the last quarter. Principal Financial Group Inc. increased its holdings in American Tower by 13.7% in the 4th quarter. Principal Financial Group Inc. now owns 6,755,670 shares of the real estate investment trust’s stock worth $1,431,256,000 after acquiring an additional 814,403 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in American Tower by 19.5% in the 3rd quarter. Nuveen Asset Management LLC now owns 4,658,127 shares of the real estate investment trust’s stock worth $1,000,100,000 after acquiring an additional 760,958 shares in the last quarter. Jennison Associates LLC increased its holdings in American Tower by 14.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,426 shares of the real estate investment trust’s stock worth $1,122,736,000 after acquiring an additional 650,078 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in American Tower by 16.6% in the 3rd quarter. Brown Advisory Inc. now owns 3,021,421 shares of the real estate investment trust’s stock worth $648,700,000 after acquiring an additional 430,395 shares in the last quarter. 89.65% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Down 0.2 %

Shares of AMT traded down $0.41 during mid-day trading on Friday, hitting $182.15. 396,936 shares of the company’s stock were exchanged, compared to its average volume of 1,961,596. The company has a market cap of $84.89 billion, a price-to-earnings ratio of 60.85, a P/E/G ratio of 1.20 and a beta of 0.57. American Tower Co. has a fifty-two week low of $178.17 and a fifty-two week high of $282.47. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.61 and a current ratio of 0.61. The stock’s 50-day moving average is $199.29 and its 200-day moving average is $208.65.

American Tower (NYSE:AMT – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.28 by ($1.56). The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.74 billion. American Tower had a return on equity of 11.65% and a net margin of 12.85%. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.55 EPS. On average, sell-side analysts anticipate that American Tower Co. will post 9.24 earnings per share for the current fiscal year.

American Tower Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 10th. Stockholders of record on Friday, June 16th will be given a dividend of $1.57 per share. This represents a $6.28 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Thursday, June 15th. This is a boost from American Tower’s previous quarterly dividend of $1.56. American Tower’s dividend payout ratio is currently 208.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AMT shares. Royal Bank of Canada dropped their target price on shares of American Tower from $240.00 to $230.00 and set an “outperform” rating for the company in a report on Monday, March 6th. Credit Suisse Group dropped their target price on shares of American Tower from $251.00 to $244.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Moffett Nathanson raised shares of American Tower from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $244.00 to $234.00 in a research report on Thursday, March 30th. Morgan Stanley lowered their price target on shares of American Tower from $224.00 to $215.00 in a research report on Tuesday, April 18th. Finally, Raymond James boosted their price target on shares of American Tower from $227.00 to $238.00 in a research report on Thursday, April 27th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $258.12.

About American Tower

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American Tower Corp. provides real estate investment services, and owns, operates, and develops multi-tenant real estate properties. It offers leasing of space on communications sites to wireless service providers, radio and television broadcast companies. It operates through the following segments: U.S.