Coastline Trust Co Lowers Stock Position in American Tower Co. (NYSE:AMT)

Coastline Trust Co cut its position in shares of American Tower Co. (NYSE:AMT) by 63.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 997 shares of the real estate investment trust’s stock after selling 1,750 shares during the quarter. Coastline Trust Co’s holdings in American Tower were worth $232,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AMT. Cultivar Capital Inc. bought a new position in shares of American Tower in the second quarter valued at approximately $25,000. Fortitude Family Office LLC grew its stake in 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 during the period. Fairscale Capital LLC purchased a new stake in shares of American Tower during the 2nd quarter valued at $27,000. Hobbs Group Advisors LLC purchased a new position in shares of American Tower in the 2nd quarter worth about $29,000. Finally, Northwest Investment Counselors LLC bought a new position in American Tower during the third quarter valued at about $30,000. 92.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AMT has been the topic of several research reports. BMO Capital Markets lowered their price objective on shares of American Tower from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on American Tower from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Wells Fargo & Company downgraded American Tower from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $245.00 to $230.00 in a research report on Thursday, October 10th. TD Cowen upped their price target on American Tower from $226.00 to $239.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on American Tower from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Four research 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.85.

American Tower Stock Up 0.9 %

Shares of NYSE AMT opened at $196.45 on Friday. American Tower Co. has a 12 month low of $170.46 and a 12 month high of $243.56. The firm has a market capitalization of $91.80 billion, a price-to-earnings ratio of 82.89, a PEG ratio of 1.31 and a beta of 0.84. 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 business has a 50-day moving average of $222.51 and a 200-day moving average of $210.86.

American Tower (NYSE:AMT) last released its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($1.56). The firm had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.77 billion. American Tower had a net margin of 10.05% and a return on equity of 22.01%. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.58 EPS. Sell-side analysts expect that American Tower Co. will post 10.08 earnings per share for the current fiscal year.

American Tower Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Wednesday, October 9th were given a dividend of $1.62 per share. 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 payout ratio is currently 273.42%.

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.