American Tower Co. (NYSE:AMT) Shares Sold by Vinva Investment Management Ltd

Vinva Investment Management Ltd cut its holdings in American Tower Co. (NYSE:AMT) by 7.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,161 shares of the real estate investment trust’s stock after selling 2,064 shares during the quarter. Vinva Investment Management Ltd’s holdings in American Tower were worth $5,795,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cultivar Capital Inc. purchased a new stake in American Tower during the 2nd quarter valued at approximately $25,000. Fortitude Family Office LLC raised its stake in shares of American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC acquired a new stake in shares of American Tower during the second quarter worth $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower in the 2nd quarter valued at $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in American Tower in the 3rd quarter valued at $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Trading Up 0.6 %

Shares of American Tower stock opened at $209.31 on Thursday. 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 current ratio of 0.69 and a quick ratio of 0.69. The business has a 50 day moving average price of $216.94 and a 200 day moving average price of $212.14. The company has a market capitalization of $97.81 billion, a P/E ratio of 88.32, a P/E/G ratio of 1.38 and a beta of 0.84.

American Tower (NYSE:AMT) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The firm’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.58 earnings per share. Sell-side analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.10%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Royal Bank of Canada boosted their target price on American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. TD Cowen lifted their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company cut American Tower from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Four investment 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 company. According to MarketBeat, American Tower presently has an average rating of “Moderate Buy” and an average target price of $235.54.

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.