American Tower Co. (NYSE:AMT) Shares Sold by Golden State Equity Partners

Golden State Equity Partners lessened its stake in American Tower Co. (NYSE:AMT) by 34.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,389 shares of the real estate investment trust’s stock after selling 729 shares during the quarter. Golden State Equity Partners’ holdings in American Tower were worth $323,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company downgraded shares of American Tower from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Mizuho raised their price objective on American Tower from $205.00 to $221.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upped their target price on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. TD Cowen raised their target price on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Scotiabank decreased their price target on American Tower from $248.00 to $236.00 and set a “sector outperform” rating for the company in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and an average price target of $235.85.

American Tower Stock Up 0.0 %

Shares of NYSE:AMT opened at $213.54 on Friday. The firm has a market cap of $99.74 billion, a PE ratio of 40.14, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The company has a fifty day simple moving average of $228.45 and a 200 day simple moving average of $208.46. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.42. American Tower Co. has a 12-month low of $170.46 and a 12-month high of $243.56.

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 analysts’ consensus estimates of $2.45 by ($1.56). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. American Tower had a net margin of 21.95% and a return on equity of 23.06%. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.58 EPS. On average, equities research analysts anticipate that American Tower Co. will post 10.08 EPS for the current fiscal year.

American Tower Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Wednesday, October 9th were given 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 3.03%. American Tower’s payout ratio is 121.80%.

About American Tower

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.