Assetmark Inc. Purchases 1,641 Shares of American Tower Co. (NYSE:AMT)

Assetmark Inc. lifted its position in shares of American Tower Co. (NYSE:AMT) by 227.0% in the third quarter, HoldingsChannel.com reports. The fund owned 2,364 shares of the real estate investment trust’s stock after buying an additional 1,641 shares during the period. Assetmark Inc.’s holdings in American Tower were worth $550,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMT. Cultivar Capital Inc. bought a new stake in shares of American Tower during the 2nd quarter worth approximately $25,000. Fortitude Family Office LLC lifted its holdings 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 worth $25,000 after acquiring an additional 78 shares during the period. Fairscale Capital LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $27,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower during the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower in the 3rd quarter valued at approximately $30,000. Institutional investors own 92.69% of the company’s stock.

American Tower Trading Up 0.9 %

AMT opened at $196.45 on Friday. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 3.27. The company has a fifty day moving average of $223.30 and a 200-day moving average of $210.44. The stock has a market cap of $91.80 billion, a PE ratio of 82.11, a price-to-earnings-growth ratio of 1.30 and a beta of 0.84.

American Tower (NYSE:AMT) last posted its quarterly earnings data 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). The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.77 billion. American Tower had a return on equity of 22.01% and a net margin of 10.05%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.58 earnings per share. On average, sell-side analysts predict that American Tower Co. will post 10.08 EPS for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were issued a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, October 9th. American Tower’s payout ratio is 273.42%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Scotiabank dropped 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 research note on Wednesday, October 30th. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $245.00 to $230.00 in a research note on Thursday, October 10th. BMO Capital Markets dropped their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Royal Bank of Canada increased their price objective on shares of American Tower from $225.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. increased their price objective on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.85.

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.