Nixon Peabody Trust Co. Has $9.99 Million Stock Position in American Tower Co. (NYSE:AMT)

Nixon Peabody Trust Co. cut its position in shares of American Tower Co. (NYSE:AMT) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,970 shares of the real estate investment trust’s stock after selling 978 shares during the period. Nixon Peabody Trust Co.’s holdings in American Tower were worth $9,993,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Ameriprise Financial Inc. grew its position in American Tower by 41.8% in the second quarter. Ameriprise Financial Inc. now owns 6,395,906 shares of the real estate investment trust’s stock valued at $1,243,333,000 after acquiring an additional 1,885,421 shares during the period. Clearbridge Investments LLC increased its position in American Tower by 8.9% in the second quarter. Clearbridge Investments LLC now owns 3,705,145 shares of the real estate investment trust’s stock worth $720,206,000 after purchasing an additional 302,676 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of American Tower by 16.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,310,893 shares of the real estate investment trust’s stock valued at $643,571,000 after acquiring an additional 464,429 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of American Tower by 4.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,536,255 shares of the real estate investment trust’s stock worth $298,617,000 after buying an additional 69,300 shares during the period. Finally, ClearBridge Investments Ltd increased its stake in shares of American Tower by 6.2% in the 2nd quarter. ClearBridge Investments Ltd now owns 1,442,759 shares of the real estate investment trust’s stock valued at $280,443,000 after acquiring an additional 84,180 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Scotiabank decreased their price objective on shares of American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 30th. TD Cowen boosted their price objective on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. BMO Capital Markets dropped their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, Mizuho raised their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $235.54.

American Tower Stock Down 0.2 %

NYSE:AMT traded down $0.36 on Monday, hitting $196.09. 163,065 shares of the company’s stock were exchanged, compared to its average volume of 2,313,514. The firm has a 50-day moving average price of $222.51 and a 200-day moving average price of $211.10. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The company has a debt-to-equity ratio of 3.27, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $91.63 billion, a P/E ratio of 82.59, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84.

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 company had revenue of $2.52 billion for 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%. The business’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.58 EPS. As a group, analysts expect that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. American Tower’s payout ratio is 273.42%.

American Tower Company 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.