Sumitomo Mitsui Trust Group Inc. Trims Holdings in American Tower Co. (NYSE:AMT)

Sumitomo Mitsui Trust Group Inc. lessened its stake in American Tower Co. (NYSE:AMT) by 0.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,247,506 shares of the real estate investment trust’s stock after selling 2,298 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.27% of American Tower worth $290,120,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Cultivar Capital Inc. acquired a new position in shares of American Tower during the second quarter valued at $25,000. Fortitude Family Office LLC increased its stake 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 valued at $25,000 after buying an additional 78 shares during the period. Fairscale Capital LLC bought 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 shares of American Tower in the 2nd quarter worth approximately $29,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of American Tower in the third quarter valued at approximately $30,000. 92.69% of the stock is owned by institutional investors and hedge funds.

American Tower Price Performance

Shares of AMT opened at $196.08 on Tuesday. The company has a debt-to-equity ratio of 3.27, a quick ratio of 0.69 and a current ratio of 0.69. American Tower Co. has a fifty-two week low of $170.46 and a fifty-two week high of $243.56. The firm has a 50-day simple moving average of $225.56 and a 200-day simple moving average of $210.50. The company has a market capitalization of $91.63 billion, a price-to-earnings ratio of 82.73, a price-to-earnings-growth ratio of 1.34 and a beta of 0.84.

American Tower (NYSE:AMT) last announced 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 company had revenue of $2.52 billion during 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 company’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, equities research analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio is presently 273.42%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. BMO Capital Markets lowered their target price on American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on shares of American Tower from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Scotiabank dropped their target price 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. Finally, Wells Fargo & Company lowered American Tower from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $245.00 to $230.00 in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, American Tower has an average rating of “Moderate Buy” and a consensus target price of $235.85.

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.