Hemenway Trust Co LLC Decreases Stock Holdings in American Tower Co. (NYSE:AMT)

Hemenway Trust Co LLC cut its holdings in American Tower Co. (NYSE:AMT) by 31.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,361 shares of the real estate investment trust’s stock after selling 2,025 shares during the quarter. Hemenway Trust Co LLC’s holdings in American Tower were worth $1,014,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AMT. Cultivar Capital Inc. bought a new position in shares of American Tower during the 2nd quarter valued at approximately $25,000. Fortitude Family Office LLC boosted its stake in American Tower by 269.0% during the third quarter. Fortitude Family Office LLC now owns 107 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 78 shares during the period. Fairscale Capital LLC bought a new position in American Tower during the second quarter valued at $27,000. Hobbs Group Advisors LLC bought a new stake in shares of American Tower in the 2nd quarter worth about $29,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of American Tower during the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Analyst Ratings Changes

AMT has been the topic of a number of recent analyst reports. Mizuho increased their price objective on shares of American Tower from $205.00 to $221.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. TD Cowen upped their price objective on shares of American Tower from $226.00 to $239.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on shares of American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. BMO Capital Markets lowered 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 report on Wednesday, October 30th. Finally, Barclays lifted their price objective on shares of American Tower from $223.00 to $255.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Stock Down 1.3 %

Shares of AMT traded down $2.60 during midday trading on Tuesday, hitting $193.48. 207,717 shares of the company’s stock traded hands, compared to its average volume of 2,309,497. American Tower Co. has a 1 year low of $170.46 and a 1 year high of $243.56. The firm’s fifty day moving average is $225.56 and its 200-day moving average is $210.50. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 3.27. The stock has a market capitalization of $90.41 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 issued 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 return on equity of 22.01% and a net margin of 10.05%. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same period in the prior year, the business posted $2.58 EPS. American Tower’s revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that American Tower Co. will post 10.08 earnings per share for the current year.

American Tower Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders 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 3.35%. American Tower’s dividend payout ratio is currently 273.42%.

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.