Atreides Management LP Has $43.29 Million Stake in American Tower Co. (NYSE:AMT)

Atreides Management LP raised its position in American Tower Co. (NYSE:AMT) by 143.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 186,136 shares of the real estate investment trust’s stock after acquiring an additional 109,572 shares during the quarter. American Tower makes up about 1.1% of Atreides Management LP’s investment portfolio, making the stock its 22nd largest holding. Atreides Management LP’s holdings in American Tower were worth $43,288,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new stake in American Tower in the second quarter valued at $25,000. Fortitude Family Office LLC lifted its stake in American Tower by 269.0% in the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 78 shares during the last quarter. Fairscale Capital LLC acquired a new stake in American Tower in the second quarter valued at $27,000. Hobbs Group Advisors LLC acquired a new stake in American Tower in the second quarter valued at $29,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of American Tower during the 3rd quarter worth about $30,000. Institutional investors and hedge funds own 92.69% of the company’s stock.

American Tower Price Performance

NYSE:AMT opened at $209.00 on Monday. American Tower Co. has a 52 week low of $170.46 and a 52 week high of $243.56. The firm has a market cap of $97.66 billion, a price-to-earnings ratio of 88.19, a P/E/G ratio of 1.39 and a beta of 0.84. The firm’s 50-day simple moving average is $215.95 and its 200 day simple moving average is $212.61. 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 (NYSE:AMT) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 EPS 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 firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same period in the prior year, the business earned $2.58 earnings per share. American Tower’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, October 9th. American Tower’s dividend payout ratio is currently 273.42%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wells Fargo & Company cut shares of American Tower from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $245.00 to $230.00 in a research note on Thursday, October 10th. Royal Bank of Canada raised their target price on shares of American Tower from $225.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. StockNews.com cut shares of American Tower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price 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. Finally, 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. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.