3,400 Shares in American Tower Co. (NYSE:AMT) Bought by Concentric Capital Strategies LP

Concentric Capital Strategies LP purchased a new stake in shares of American Tower Co. (NYSE:AMT) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 3,400 shares of the real estate investment trust’s stock, valued at approximately $791,000.

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

Wall Street Analysts Forecast Growth

AMT has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Mizuho lifted their price objective 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. BMO Capital Markets lowered their target price on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Royal Bank of Canada lifted their price target on American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Finally, Scotiabank lowered their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, American Tower has a consensus rating of “Moderate Buy” and an average price target of $235.54.

American Tower Price Performance

AMT stock opened at $207.79 on Wednesday. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm has a market capitalization of $97.10 billion, a PE ratio of 87.68, a price-to-earnings-growth ratio of 1.38 and a beta of 0.83. 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 simple moving average of $214.80 and a 200-day simple moving average of $212.79.

American Tower (NYSE:AMT) last issued 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 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 quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.58 earnings per share. Equities research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were paid a $1.62 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.12%. American Tower’s dividend payout ratio (DPR) 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.