Penserra Capital Management LLC Sells 41,250 Shares of American Tower Co. (NYSE:AMT)

Penserra Capital Management LLC reduced its stake in shares of American Tower Co. (NYSE:AMT) by 94.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,233 shares of the real estate investment trust’s stock after selling 41,250 shares during the quarter. Penserra Capital Management LLC’s holdings in American Tower were worth $519,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AMT. Kingsview Wealth Management LLC increased its stake in shares of American Tower by 5.1% in the 3rd quarter. Kingsview Wealth Management LLC now owns 143,658 shares of the real estate investment trust’s stock valued at $33,409,000 after buying an additional 6,974 shares during the period. Cerity Partners LLC increased its position in American Tower by 36.7% in the third quarter. Cerity Partners LLC now owns 129,234 shares of the real estate investment trust’s stock worth $30,055,000 after purchasing an additional 34,670 shares during the period. Nicolet Advisory Services LLC raised its holdings in American Tower by 3.4% during the 3rd quarter. Nicolet Advisory Services LLC now owns 5,088 shares of the real estate investment trust’s stock worth $1,167,000 after purchasing an additional 165 shares during the last quarter. Nwam LLC acquired a new position in American Tower during the 3rd quarter valued at about $373,000. Finally, Meridian Wealth Management LLC bought a new position in shares of American Tower in the 3rd quarter valued at about $254,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

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

American Tower (NYSE:AMT) last released its quarterly earnings results 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). American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter last year, the company earned $2.58 EPS. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. Sell-side analysts predict that American Tower Co. will post 10.08 EPS 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 issued a $1.62 dividend. The ex-dividend date 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 273.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets dropped their price target 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. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $245.00 to $230.00 in a research report on Thursday, October 10th. TD Cowen raised their price target on American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Mizuho upped their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Finally, StockNews.com cut American Tower from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.54.

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.