Lincluden Management Ltd. Reduces Holdings in American Tower Co. (NYSE:AMT)

Lincluden Management Ltd. trimmed its stake in American Tower Co. (NYSE:AMT) by 12.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,644 shares of the real estate investment trust’s stock after selling 3,453 shares during the period. Lincluden Management Ltd.’s holdings in American Tower were worth $5,499,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cultivar Capital Inc. purchased a new position in American Tower during the 2nd quarter worth $25,000. Fortitude Family Office LLC grew its position in 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 purchasing an additional 78 shares during the last quarter. Fairscale Capital LLC purchased a new position in American Tower during the 2nd quarter worth $27,000. Hobbs Group Advisors LLC purchased a new position in American Tower during the 2nd quarter worth $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in American Tower during the 3rd quarter worth $30,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AMT. StockNews.com downgraded shares of American Tower from a “buy” rating to a “hold” rating in a research report on Wednesday. Scotiabank reduced their target price 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. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their target price 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. Finally, Barclays raised their target price on shares of American Tower from $223.00 to $255.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Four 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 company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $235.85.

American Tower Stock Performance

NYSE:AMT opened at $213.54 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.81 and a debt-to-equity ratio of 3.27. The firm has a 50-day moving average price of $228.45 and a two-hundred day moving average price of $208.46. American Tower Co. has a twelve month low of $170.46 and a twelve month high of $243.56. The company has a market capitalization of $99.74 billion, a P/E ratio of 90.10, a price-to-earnings-growth ratio of 1.04 and a beta of 0.83.

American Tower (NYSE:AMT) last posted its 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 business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. During the same quarter last year, the business posted $2.58 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year. As a group, research analysts expect that American Tower Co. will post 10.08 earnings per share 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 3.03%. American Tower’s dividend payout ratio (DPR) is presently 273.42%.

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.